We've revised the delivery timing of some parts of our MTAS program in response to the evolving tax policy landscape. Some changes we intended to deliver for Tax Time 2027 will now be delivered from Tax Time 2028.
The revised timing will enable us to effectively coordinate our changes with other measures the government announced in the 2026–27 Federal Budget that also affect the information we need to collect through annual trust reporting:
- reform negative gearing and capital gains tax
- introduce a minimum tax rate of 30 per cent for discretionary trusts.
Our approach will:
- enable us to align changes across measures
- reduce implementation complexity
- support better outcomes for taxpayers, intermediaries and digital service providers.
Changes planned for Tax Time 2027
Our priority for Tax Time 2027 is to deliver the Changes to beneficiary TFN reporting for closely held trusts. Under this change, from 1 July 2026, trustees of closely held trusts must report beneficiary TFNs in the statement of distribution when completing the annual trust tax return.
We'll be adding 2 new labels to the 2027 trust tax return:
- Trust information section – 'Is the trust a closely held trust?' label
- Statement of distribution – 'TFN not provided by beneficiary' label.
You can stay up to date about progress of our MTAS program via our Modernising tax administration systems information.
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