Important changes for Trust and Beneficiary tax returns in HandiTax 2024
The Australian Taxation Office (ATO) has 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.
Beneficiaries will find a new schedule called Trust Income in the distributed tax return. This schedule mirrors the information provided in the trust's statement of distribution.
Additionally, Partnership distributions are now separated into a dedicated worksheet called Partnership Income.
