Important changes for Trust and Beneficiary tax returns from HandiTax 2024 onwards
The Australian Taxation Office (ATO) introduced new rules through the Modernising Trust Administration Systems (MTAS) program. These changes affect both Trust tax returns and the tax returns of Beneficiaries who receive income from trusts.The Trust Tax Return now includes new fields for capital gains in Item 58 (Statement of Distribution). This means Trustees will need to provide more detailed information about capital gains when completing the return.Error: 'TRT.433088 - Type of trust must be a deceased estate - code 059' - When Family Trust Election Status and Interposed Entity Election Status are not provided, the Assessment calculation code of beneficiary is ‘35', For each trustee beneficiary indicate whether you will be making a TB Statement is not equal to false, Tax preferred amounts and Untaxed part of share of net income are either not provided or have a value of 0, Type of trust must be a deceased estate' - code ‘059':
You will need to provide more information about capital gains:
Log in to HandiTax and Select the tax return.
Double-click into the Main Form T.
Navigate to Item 58, Statement of Distribution.
Under the TB Statement Information, enter a Y or N to resolve the error.
