OPS 2011/2
AUSTRALIAN GOVERNMENT
This Legislative Instrument has been repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013.Taxation Administration Act 1953
Legislative Instrument
I, Michael D'Ascenzo, Commissioner of Taxation, make the following Legislative Instrument regarding lodgment of statements by first home saver account providers for the year ended 30 June 2011 in accordance with
Taxation Administration Act 1953:
Section 8C and Section 8E.
Taxation Administration Act 1953 (Schedule 1):
Section 286-75; Section 391-5
Citation
This instrument may be cited as 'Lodgment of statements by first home saver account providers for the year ended 30 June 2011 in accordance with the Taxation Administration Act 1953.
LODGMENT OF STATEMENTS BY FIRST HOME SAVER ACCOUNT PROVIDERS
In accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 I require a first home saver account provider to give to me on or before 31 October 2011 or such later date as I may allow the information set out in that section.
LODGMENT OF STATEMENTS IN A CERTAIN FORM
The particulars required to be given in a statement given under section 391-5 of Schedule 1 to the Taxation Administration Act 1953 cannot be sent, typed or handwritten, on a paper form. Lodgment of the first home saver account activity statement must be done via the Electronic Commerce Interface.
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- Electronic Commerce Interface
- The information can be lodged via the Electronic Commerce Interface using the Internet, provided it is formatted according to the current version of the Electronic Reporting Specification - First home saver accounts (FHSA) activity report.
EXEMPTION FROM REQUIREMENT TO GIVE PARTICULARS IN A SPECIFIC FORM
Nothing in this instrument prevents me or an authorised officer of the Australian Taxation Office from granting to a first home saver account provider an exemption from providing in an electronic form the information set out in section 391-5 of Schedule 1 to the Taxation Administration Act 1953.
PENALTIES FOR NON-COMPLIANCE
Any person who fails or refuses to provide to me the information set out in section 391-5 of Schedule 1 to the Taxation Administration Act 1953 commits an offence and is punishable on conviction by a fine not exceeding 20 penalty units if it is the first offence. If convicted of a second offence, the court may impose a fine not exceeding 40 penalty units. If convicted of a third or subsequent offence, the court may impose a fine not exceeding 50 penalty units or a maximum of 12 months imprisonment, or both.
Alternatively, if the information required by section 391-5 of Schedule 1 to the Taxation Administration Act 1953 is not provided in the approved form and within the time prescribed then the first home saver account provider is liable to an administrative penalty under section 286-75 in Schedule 1 to the Taxation Administration Act 1953.
Note:
At the time this Instrument was registered the value of a penalty unit was $110.00.
Dated this 20th day of June 2011
Michael D'Ascenzo
Commissioner of Taxation
Registration Number: F2011L01297
Registration Date: 28 June 2011
Related Explanatory Statements:
OPS 2011/2 - Explanatory statement