Modernising Tax Administration Systems (MTAS)

News Tax & Compliance Law & Policy Updates

Date: 18th Dec, 2024 Source: Australian Taxation Office (ATO) Country: Australia Original Source

Brief

"On 18/12/2024, the Australian Taxation Office (ATO) issued an update regarding Modernising Trust Tax Administration Systems. The Government announced its support for modernizing income tax reporting systems to reduce compliance costs and make lodgement easier for trustees, beneficiaries, and tax agents." The improvements will enable prefill of trust income for beneficiaries and require trustees to report tax file numbers on the trust income tax return's statement of distribution.

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Australian Taxation Office (ATO)

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Modernising Tax Administration Systems (MTAS)

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Modernising Tax Administration Systems (MTAS)

Brief

Australian Taxation Office (ATO)

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