Is your SMSF a trust beneficiary?

If your SMSF is a trust beneficiary from 1 July 2024 there will be changes to your reporting.

Income tax reporting changes delivered under the Modernization of Trust Administration System (MTAS) project will come into effect on 1 July 2024 for your 2023–24 self-managed superannuation fund annual return (SAR).

If your SMSF has received a distribution from a trust you need to complete a new trust income schedule which is lodged with your SAR. We’ve replicated the fields from the trust statement of distribution, so all you need to do is copy the information across.

If you receive a distribution of trust income from a managed fund, this should also be included in the new trust income schedule. The trust income schedule instructions will show you how the information on the tax statement provided by the managed fund is reported on the trust income schedule.

Remember you will need to get the information required in the trust income schedule from the trust. We recommend you ask the trustee for a copy of the trust statement of distribution if you don’t receive one by the time you come to lodge your SAR.

Find out more about the MTAS project and these changes at Modernizing trust administration systems.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.