We’re adjusting our MTAS program delivery to ensure we can effectively deliver improvements to the layout of the trust tax return and trust income schedule that will:
- reduce implementation complexity
- support better outcomes for taxpayers, intermediaries and digital service providers.
Program delivery changes
We've now updated our MTAS program web content with our adjusted delivery plan.
For Tax Time 2027, we're prioritising the trust tax return label changes required to implement the Changes to beneficiary TFN reporting for closely held trusts measure, which is now law. 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.
Further, we’re moving delivery of the broader changes, originally scheduled for Tax Time 2027, to Tax Time 2028. At a high level, this will involve:
- new labels on the trust tax return and statement of distribution
- the redesigned paper trust tax return, statement of distribution and trust income schedule
- other reporting changes aimed at streamlining the processing of trust returns and improving transparency.
We'll also ensure we align our MTAS program changes with other measures announced in the 2026–27 Federal Budget that are expected to affect the information we need to collect through annual trust reporting:
- reform negative gearing and capital gains tax
- introduction of a minimum tax rate of 30 per cent for discretionary trusts (the law for this measure has not yet passed).
Our engagement and communication approach
As our MTAS program progresses, we'll continue our active engagement and communication approach. We'll continue to:
- engage and consult with our key stewardship groups and digital service providers about the changes and program design
- share updates about the changes and timeframes through our regular communication channels with trustees, beneficiaries and tax agents. You can also stay up to date about progress of our MTAS program via our Modernising tax administration systems information.
Keep up to date
We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.
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