I, Michael Joseph Carmody, make the following Legislative Instrument regarding lodgment of returns and statements in accordance with the Superannuation Industry (Supervision) Act 1993, Superannuation Contributions Tax (Assessment And Collection) Act 1997, Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 for the year ended 30 June 2005.
Citation
This instrument may be cited as Lodgment of returns and statements in accordance with the Superannuation Industry (Supervision) Act 1993, Superannuation Contributions Tax (Assessment And Collection) Act 1997, Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act for the year ended 30 June 2005.
LODGMENT OF RETURNS IN ACCORDANCE WITH THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
Where a taxpayer is a self managed superannuation fund (as defined in the Superannuation Industry (Supervision) Act 1993 (SIS Act) at any time during the year of income ended 30 June 2005 (or approved period in lieu), then in accordance with section 36A of the SIS Act the period for lodgment of a return under that section is the period ending on the day that the taxpayer is required to lodge its income tax return.
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LODGMENT OF STATEMENTS (IN A CERTAIN FORM) BY SUPERANNUATION PROVIDERS
In accordance with section 14 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 (the SCT(A&C) Act) and section 13 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 (the CP Act), I require a superannuation provider, other than a self-assessing superannuation provider, who keeps particulars required to be given in a statement under section 13 of the SCT(A&C) Act and section 12 of the CP Act by a data processing device, or a person who keeps particulars required to be given in a statement under section 13 of the SCT(A&C) Act or section 12 of the CP Act for or on behalf of a superannuation provider by a data processing device, to give to me, on or before 31 October 2005 or such later date as I may allow, the particulars required to be given in a statement in accordance with section 13 of the SCT(A&C) Act or section 12 of the CP Act in any of the following ways (subject to the restrictions on the use of paper forms):-
· Electronic Commerce Interface
Data can be transmitted using the Internet. Data sent via the Internet must be formatted according to the Tax Office Superannuation Member Contributions Statement Electronic Media Specification final Version 7.0 (MCS).
· Magnetic Information Processing Services
Data can be transmitted using Magnetic Information Processing Services (MIPS) on the following magnetic media:
a) zip disk; or
b) 18 or 36 track cartridge; or
c) 90 metre, 40mm DAT with recording density of DDSI (that is, uncompressed); or
d) 3.5 inch High Density floppy disk;
e) CD-ROM; or
f) DVD
Data sent via MIPS must be formatted according to the MCS.
· Electronic Form
Data may be captured using an electronic form (SuperReport) which can be obtained from the Tax Office or via the Tax Office website. This data can be forwarded to the Tax Office using Electronic Commerce Interface (ECI) or MIPS.
· Electronic Lodgment Service (ELS)
Data may be transmitted by participants in the Tax Office Electronic Lodgment Service (ELS) program who hold Tax Office certified software, which contains the surcharge contribution lodgment option.
· Paper Form
Data may be sent, typed or handwritten, on a paper form provided by the Tax Office for the purpose.
It is acceptable to photocopy or download the paper form. All information must be entered by hand or by typewriting.
Restrictions in relation to paper forms.
A superannuation provider that does not keep the particulars required to be given in a statement under either section 13 of the SCT(A&C) Act or section 12 of the CP Act by a data processing device, or a person who does not keep particulars required to be given in a statement under section 13 of the SCT(A&C) Act or section 12 of the CP Act for or on behalf of a superannuation provider by a data processing device may use paper forms but,
a) may not lodge statements by way of paper forms if there are 100 or more members; and
b) may not lodge more than 20 paper forms.
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EXEMPTION FROM REQUIREMENT TO GIVE PARTICULARS IN A SPECIFIC FORM
Nothing in this instrument prevents me or an authorised officer of the Tax Office from exempting a superannuation provider who keeps particulars required to be given in a statement under section 13 of the SCT(A&C) Act or section 12 of the CP Act by a data processing device, or a person who keeps particulars required to be given in a statement under section 13 of the SCT(A&C)Act or section 12 of the CP Act for or on behalf of a superannuation provider by a data processing device, from giving those particulars by way of a data processing device.
LODGMENT OF STATEMENTS (IN A CERTAIN FORM) BY SELF-ASSESSING SUPERANNUATION PROVIDERS
In accordance with section 15A of the SCT(A&C) Act, I have determined that a self-assessing superannuation provider for the financial year ended
30 June 2005 is a superannuation provider that:
a) has fewer than five members; and
b) holds contributed amounts in relation to those members for the financial year; and
c) does not give a statement to me under subsection 13(2) of the SCT(A&C) Act in relation to those members for the financial year on or before 31 October 2005 (or such later date as I have allowed); and
d) can calculate the adjusted taxable income for each of those members for the financial year; and
e) can calculate for each member whose adjusted taxable income is greater than the surcharge threshold:
i) the surchargeable contributions; and
ii) the rate of surcharge that applies; and
iii) the surcharge payable.
I require a self-assessing superannuation provider to prepare a statement that contains the particulars referred to in subsection 13(2) of the SCT(A&C) Act and to:
a) send the statement to me by electronic transmission on or before, but no later than, the day on which the superannuation provider is required to lodge its income tax return; and
b) pay the amount of the surcharge assessed to be within seven days of sending the statement
For the purposes of sending a statement by electronic transmission, a self-assessing superannuation provider may use any of the following:
· Electronic Commerce Interface (ECI)
Data can be transmitted using the Internet. Data sent via the Internet must be formatted according to the Tax Office Superannuation Member Contributions Statement Electronic Media Specification final Version 7.0 (MCS).
· Magnetic Information Processing Services
Data can be transmitted using Magnetic Information Processing Services
(MIPS) on the following magnetic media:
a) zip disk; or
b) 18 or 36 track cartridge; or
c) 90 metre, 40mm DAT with recording density of DDSI (that is, uncompressed); or
d) 3.5 inch High Density floppy disk;
e) CD-ROM; or
f) DVD
Data sent via MIPS must be formatted according to the MCS.
· Electronic Form
Data may be captured using a SuperReport which can be obtained from the Tax Office or via the Tax Office website. This data can be forwarded to the Tax Office using ECI or MIPS.
· Electronic Lodgment Service
Data may be transmitted by participants in the Tax Office ELS program who hold Tax Office certified software, which contains the surcharge contribution lodgment option.
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PENALTIES FOR NON-COMPLIANCE
A trustee who contravenes the requirement to lodge a self managed superannuation fund return under section 36A of the SIS Act 1993 is guilty of an offence and if convicted is liable to a penalty not exceeding 50 penalty units (currently $5500).
If the particulars required to be reported in a statement under section 13 of the SCT(A&C) Act are kept by a superannuation provider by a data processing device, or by a person for or on behalf of a superannuation provider by a data processing device and those particulars are not given in the way specified in this instrument, the superannuation provider or the person is guilty of an offence punishable on conviction by a fine of not more than 60 penalty units (currently $6600).
A self-assessing superannuation provider who does not give a statement in the way specified in this notice is guilty of an offence under section 15B(5) of the SCT(A&C) Act and if convicted is liable to penalty not exceeding 60 penalty units (currently $6600).
Signed M. J. Carmody
(M.J. Carmody)
Commissioner of Taxation
Dated this 15th day of June 2005