The Modernisation of Trust Administration Systems (MTAS) project is an ATO wide strategy to improve the quality, accuracy and integrity of annual income tax return information reported by trustees and beneficiaries.
The project will deliver improvements to the:
- lodgment experience for trustees and beneficiaries and provide greater support to meet their reporting obligations
- administration and processing of trust reporting obligations
- ATO’s data driven decision-making process including those which inform compliance and assurance activities.
The relevant changes will be implemented in collaboration with digital service providers (DSPs) and other external stakeholders.
The project will deliver changes to annual income tax return forms that simplifies reporting for trustees, beneficiaries and their agents. This will include:
- Modification of the existing Trust return form to align how information is reported on the statement of distribution with how it is reported at other labels within the form.
- Introduction of a new schedule for trust beneficiaries that is to be lodged alongside of the existing income tax return by all beneficiary types who are in receipt of trust income (Individual, Company, SMSF, Partnership and Trust beneficiaries). The purpose is to assist correct reporting and facilitate consistency of reporting across all beneficiary types.
- Addition of new high priority validations to the Trust return form in the Standard Business Reporting (SBR) / Practitioner Lodgment Service (PLS) lodgement channel strengthening the integrity of data reported through the lodgement process.
Expected to be delivered in time for implementation during Tax Time 2024.
For more information or if you have questions, email DPO@ato.gov.au