As we outlined in our July article Changes to beneficiary TFN reporting for closely held trusts, trustees of closely held trusts are no longer a required to lodge a quarterly TFN report for periods after 30 June 2026. Instead, you must now report beneficiary TFNs in the statement of distribution when completing your trust tax return. This applies for the 2027 trust tax return onward.
From 1 October 2026, you'll no longer be able to lodge TFN reports through standard business reporting-enabled software.
Remember, if a beneficiary:
- has quoted their TFN, you must store and use it safely, as required by the Privacy (Tax File Number) Rule 2015External Link.
- has not quoted their TFN before receiving a payment from the trust or entitlement to trust income, existing TFN withholding and reporting obligations apply.
We'll provide further updates on the implementation of this measure on our Modernising tax administration systems page.
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