About MTAS changes for beneficiaries
From 1 July 2026, your trustee will provide additional information in your distribution statement that can help you prepare your return and report your income correctly.
We're also enabling pre-fill services for trust distributions for individual taxpayers.
By being open and providing the information we have about your tax affairs, we're making it easier for you to comply with your tax obligations and get it right the first time.
What to expect in Tax Time 2026
Distribution statement
There are now 3 new labels in your distribution statement:
- B1 Non-primary production managed investment scheme amount
- U2 Franked distribution related to investments amount
- H1 Other assessable foreign source income from a financial investment amount.
This information will help you to accurately complete the income tests question at Net financial investment loss (IT5) on your tax return.
Pre-fill for individual taxpayers
Once we've processed the trust's tax return and successfully matched the information to your records, details of your trust distribution income for your 2025–26 and later years will become available in pre-fill. This will help you if you prepare your own tax return using myTax.
The trustee should still provide you with a distribution statement relating to your share of trust income. You can use this to complete the trust distributions section in myTax when pre-fill is not yet available. You should also confirm that the details in the distribution statement match the pre-fill information in myTax.
If you use a tax agent to lodge your tax return, they'll also have pre-fill information available for your trust distribution income once it's been reported and matched to you.
Look out for messages in myTax that prompt you about potential trust distributions you need to report.
Coming up in Tax Time 2027
A new measure for closely-held trusts will affect the trustee's reporting obligations.
The trustee may contact you to request your tax file number (TFN) and confirm other information that they report to us about distributions.
You're not required to provide your TFN to the trustee. However, if you're the beneficiary of a closely-held trust, the trustee may be required to withhold tax from your payments or entitlements at the top rate of tax.