OPS 2012/4 - Explanatory statement
COMMONWEALTH OF AUSTRALIA
Taxation Administration Act 1953
Explanatory Statement
General Outline of Instrument1. 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 effect3. 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 about4. 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 impact6. 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.
Background7. 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.
Consultation9. 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 201110. 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.
Overview11. 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 implications12. This legislative instrument does not engage any of the applicable rights or freedoms.
Conclusion13. This legislative instrument is compatible with human rights as it does not raise any human rights issues.
25 June 2012
Michael D'Ascenzo
Commissioner of Taxation
Legislative References:
Legislative Instruments Act 2003
the Act
Taxation Administration Act 1953
the Act
OPS 2012/4 - Legislative Determination