Document ID: chunk:federal_register_of_legislation:F2018L00620:body:0:p12
Version: federal_register_of_legislation:F2018L00620
Segment Type: other
Provision Reference: 
Character Range: 28876–31809

2018 which must be lodged with the Commissioner in accordance with this instrument.

5.5.2 Member information statements under section 390-5 of Schedule 1 to the TAA

    The lodgment of member information statements by superannuation providers is required under section 390-5 of Schedule 1 to the TAA.

    Under subsection 390-5(6) of Schedule 1 to the TAA, I determine that for the superannuation plans that are self managed superannuation funds:

       (1)      the period mentioned in subsection 390-5(1) is the *income year; and

       (2)      the day on which a statement must be given to the Commissioner is the day the trustee of the self managed superannuation fund is required to lodge an income tax return in accordance with this instrument.

    Note:

       (a)       The member information statements form part of the Self-managed superannuation fund annual return 2018 which must be lodged in accordance with this instrument.

       (b)       A separate legislative instrument details the lodgment requirements of member information statements by superannuation providers (other than self managed superannuation funds): Legislative Instrument Lodgment of statements by superannuation providers in relation to superannuation plans (other than self managed superannuation funds) for each financial year ended 30 June in accordance with the Taxation Administration Act 1953.

6. Additional lodgment information

6.1 Deferral of time for lodgment of returns

    Under section 388-55 of Schedule 1 to the TAA, the Commissioner may defer the time for lodgment of any return to a date later than the relevant date specified in this instrument.

6.2 Notice of requirement to lodge a return or information

    Nothing in this instrument prevents the Commissioner or an authorised person of the Australian Taxation Office from issuing a notice, under sections 162 or 163 of the ITAA 1936, requiring a person to give the Commissioner, in the approved form, a return, or further returns, or any information, statement or document about the person's financial affairs for any income year.

6.3 Exemption from requirement to lodge returns

    Nothing in this instrument prevents the Commissioner, or an authorised person of the Australian Taxation Office, from granting an exemption from lodgment. Such exemptions may or may not be conditional and may be for specific returns or classes of returns.

 6.4 Penalties for non-compliance with lodgment requirements

    Any person who does not provide a return, or any other information under the ITAA 1936 or the ITAA 1997, commits an offence under section 8C of the TAA.

    Alternatively, any such person may become liable to pay a penalty under Division 286 of Schedule 1 of the TAA.

    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.