Document ID: chunk:federal_register_of_legislation:F2024L00550:reg:4
Version: federal_register_of_legislation:F2024L00550
Segment Type: reg
Provision Reference: reg 4
Character Range: 2083–3814

4  Guide to this instrument

      This instrument sets out who is required to lodge an income tax return, a franking return, a venture capital deficit tax return and an ancillary fund return for the 2024 year. These returns must be given in the approved form.
      This instrument sets out when these returns must be lodged, noting that the Commissioner may defer the time for lodgment of any return to a later date under section 388-55 in Schedule 1 to the TAA.
      This instrument also deals with when returns and statements for self managed superannuation funds must be lodged.
      Any person who does not give a return, or any other information when and as required under a taxation law, commits an offence under section 8C of the TAA. They may also become liable to pay a penalty under Division 286 in Schedule 1 to the TAA. In addition, a trustee of a self managed superannuation fund who contravenes the requirement to lodge a return under section 35D of the SISA commits an offence under section 35D of the SISA.
      This instrument does not prevent the Commissioner from issuing a notice under sections 162 or 163 of the ITAA 1936 requiring a person to give the Commissioner, in the approved form and within the time required, a return, or a further or fuller return, or any information, statement or document about the person's financial affairs. It also does not prevent the Commissioner from issuing a notice under section 214-20 of the ITAA 1997 or section 214-10 of the ITTPA 1997 requiring a corporate tax entity to give the Commissioner, in the approved form and within the time required, a franking return.
      This instrument does not prevent the Commissioner from granting an exemption from lodgment.