Lodgment of statements by first home saver account providers for the year ended 30 June 2011 in accordance with the Taxation Administration Act 1953
Explanatory Statement
General outline of instrument:
- This instrument sets out the way in which First home saver account providers are required to lodge First home saver account activity statements in accordance with section 391-5 of Schedule 1 of the Taxation Administration Act 1953 for the financial year ended 30 June 2011, in the approved form, and states the due date for lodgment.
2. The proposed instrument will be a legislative instrument for the purposes of the Legislative Instruments Act 2003 and it is legally binding on the Commissioner of Taxation.
Date of effect:
3. The instrument applies to the financial year ended 30 June 2011 and is effective from the day after it is registered.
What is this instrument about:
4. The principal purpose of the Instrument is to set out the form and manner in which statements are to be lodged for the financial year ending 30 June 2011 and states the date that they are required to be lodged. The Legislative Instrument sets the baseline date for lodgment of statements, which can be deferred by the exercise of the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953.
What is the effect of this instrument:
5. The effect of this instrument is that First home saver account providers have clear guidance on their obligation to lodge statements, the manner in which they must be lodged and the date by which they must be lodged. The instrument also details the penalty that may be applied for failure to lodge on time.
Compliance cost impact:
.
6. Compliance cost impact: An assessment of the compliance cost impact indicates that the impact will be no change for both implementation and on-going compliance costs. The instrument is routine in nature.
Background:
7. Every year the Commissioner publishes the requirements for lodgment of income tax returns and other statements in accordance with relevant legislation.
8. The instrument sets out the lodgment date for statements and the manner in which they have to be lodged, including details of acceptable electronic media that could be used and the penalties that may be applied for failing to lodge these statements on time.
Consultation:
9. There has been significant consultation in the past in relation to this instrument, both the period of lodgment and lodgment date have been decided with industry. This is considered a machinery provision and a requirement of section 391-5 of Schedule 1 of the Taxation Administration Act 1953 and it is a long standing practice to publish information for lodgment of income tax returns and other statements for each financial year and who must lodge them.
Michael D'Ascenzo
Commissioner of Taxation
20 June 2011
Overview
The instrument in question, F2011L01297, issued in 2011 under the authority of the Commissioner of Taxation, establishes the requirements for first home saver account providers to lodge their activity statements by a specified date for the financial year ending 30 June 2011. This legislative instrument aligns with section 391-5 of Schedule 1 of the Taxation Administration Act 1953, ensuring that these providers adhere to the mandated form and lodgment method for their statements. The primary objective is to provide clear guidelines to first home saver account providers regarding their obligations, the acceptable methods of lodgment, and the penalties for non-compliance. This instrument aims to streamline the lodgment process, ensuring both the implementation and ongoing compliance costs remain unaffected, and reinforces the long-standing practice of publishing annual lodgment requirements for income tax returns and related statements.
Scope and Application
This legislative instrument pertains to the lodgment of First home saver account activity statements for the financial year concluded on 30 June 2011. It applies specifically to First home saver account providers who must adhere to the guidelines set forth under section 391-5 of Schedule 1 of the Taxation Administration Act 1953. The instrument is legally binding on the Commissioner of Taxation and establishes the approved form and due date for the submission of these statements, ensuring that providers are well-informed of their obligations and the consequences of non-compliance. Additionally, the instrument provides the Commissioner with discretion to defer the lodgment date under section 388-55 of the same Schedule. The instrument is designed to streamline the process for First home saver account providers, ensuring that they comply with the specified lodgment requirements without imposing any new compliance costs.
The instrument is a routine machinery provision and is part of the annual publication of requirements for lodgment of income tax returns and other statements, a practice established in consultation with industry. The legislative instrument is intended to ensure that First home saver account providers are aware of their obligations and the penalties for non-compliance, with the lodgment date and period having been determined in collaboration with relevant stakeholders. The instrument is effective from the day following its registration and applies to the financial year ended 30 June 2011.
Key Provisions
The instrument primarily concerns the lodgment of First Home Saver Account activity statements for the financial year ending 30 June 2011 by First Home Saver Account providers, as stipulated under section 391-5 of Schedule 1 of the Taxation Administration Act 1953 (sections 2 and 4). This legislative instrument is legally binding on the Commissioner of Taxation and is effective from the day after it is registered, applicable to the financial year ending on 30 June 2011 (section 3). The instrument provides explicit guidelines on the form and manner in which these statements must be lodged, including the acceptable electronic media for submission, and it sets the baseline due date for lodgment (section 4). It is important to note that the Commissioner of Taxation has the discretion to defer the lodgment date under section 388-55 of Schedule 1 to the Taxation Administration Act 1953 (section 4).
First Home Saver Account providers are obligated to follow the detailed guidelines provided in the instrument for the lodgment of their activity statements. This includes ensuring that the statements are lodged in the approved format and by the specified due date. The instrument provides clarity on the compliance requirements, which are crucial for maintaining accurate records and meeting legal obligations. Additionally, the instrument stipulates that failure to comply with the lodgment requirements may result in penalties, which are also outlined within the document (section 4).
The consequences for non-compliance with the requirements outlined in this instrument include financial penalties. The specific penalties for late lodgment of the First Home Saver Account activity statements are detailed within the instrument. While the exact penalty amounts are not specified in the provided text, the instrument makes it clear that there are consequences for failing to adhere to the prescribed lodgment dates and methods (section 4). These penalties serve as a deterrent to ensure that First Home Saver Account providers comply with their statutory obligations.