Lodgment of statements by first home saver account providers for the year ended 30 June 2012 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 to the Taxation Administration Act 1953 for the financial year ended 30 June 2012, 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 2012 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 2012 and states the date by which 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. An assessment of the compliance cost impact indicates that the will be minor for both implementation and on-going compliance costs. The new instrument is of a minor or machinery 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, and 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 to 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.
Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011:
10. This instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
11. This legislative instrument specifies that a First home saver account provider is required to lodge a statement and the manner that the statement must to be lodged for the year ended 30 June 2012.
Human rights implications
12. This legislative instrument does not engage any of the applicable rights or freedoms.
Conclusion
13. This legislative instrument is compatible with human rights as it does not raise any human rights issues.
.
Michael D'Ascenzo
Commissioner of Taxation
25 June 2012
Overview
The legislative instrument F2012L01362, enacted in 2012, outlines the requirements for First Home Saver Account (FHSA) providers to lodge FHSA activity statements for the financial year ending 30 June 2012. This instrument was created under the authority of the Taxation Administration Act 1953 and is legally binding on the Commissioner of Taxation. The primary purpose of this instrument is to ensure that FHSA providers adhere to the specified form and manner for lodging their statements, as well as to clearly state the due date for lodgment. It provides a framework for the lodgment process, including acceptable electronic media and penalties for non-compliance, thereby reducing ambiguity and ensuring consistent adherence to tax obligations. The instrument was developed following consultations with industry stakeholders and is considered a minor or machinery provision, with minimal compliance costs.
This legislative instrument was introduced to address the need for clear and consistent guidelines for FHSA providers regarding the lodgment of their activity statements for the specified financial year. The instrument ensures that FHSA providers have a definitive understanding of their obligations, thereby facilitating compliance and reducing the risk of penalties for late or improper lodgment. The instrument is compatible with human rights, as it does not engage any of the applicable rights or freedoms under the Human Rights (Parliamentary Scrutiny) Act 2011.
Scope and Application
This legislative instrument, F2012L01362, pertains specifically to the lodgment of First Home Saver Account (FHSA) activity statements for the financial year ending 30 June 2012. It applies to FHSA providers, who are obligated to lodge their statements in the approved form as mandated by section 391-5 of Schedule 1 to the Taxation Administration Act 1953. The instrument is legally binding on the Commissioner of Taxation and came into effect the day after its registration. The primary purpose of the instrument is to provide clear guidelines to FHSA providers on the form, manner, and due date for lodgment of their statements, along with details of any applicable penalties for late submission. The instrument also allows for potential deferment of the lodgment date through the exercise of the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953. This legislative instrument is a minor compliance requirement, with minor ongoing and implementation costs, and aligns with established practices for annual lodgment requirements. It has undergone significant consultation with industry stakeholders and does not engage any human rights issues, ensuring compatibility with human rights as declared under the Human Rights (Parliamentary Scrutiny) Act 2011.
Key Provisions
The main operative sections of this legislative instrument require First home saver account providers to lodge a statement for the financial year ended 30 June 2012, in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 (sections 2 and 11). The instrument details the approved form and manner of lodgment, including acceptable electronic media, and specifies the due date for lodgment (section 8). 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 adhere to the requirements outlined in this legislative instrument. They must lodge their statements in the specified manner and by the stated due date. Failure to comply with these requirements may result in the application of penalties as outlined in the instrument (section 8). The instrument provides clarity on the obligations of providers, ensuring they understand their responsibilities regarding the lodgment of First home saver account activity statements.
For breach of the requirements, the instrument details the penalties that may be applied. These penalties likely include financial sanctions for late lodgment, as indicated in section 8. While the maximum penalties are not explicitly stated in the provided excerpt, it is common for such legislative instruments to outline specific monetary fines or other legal consequences for non-compliance. These penalties serve as a deterrent to ensure timely and proper lodgment of the required statements.
The instrument is legally binding on the Commissioner of Taxation and is effective from the day after it is registered. It applies specifically to the financial year ended 30 June 2012, providing a clear framework for compliance during that period. The instrument is a legislative tool designed to ensure that First home saver account providers understand and meet their obligations under the Taxation Administration Act 1953. By setting out the form, manner, and due date for lodgment, it aims to facilitate compliance and maintain the integrity of the tax system.