What's new in 2025 Trust Tax Return

This article covers the Trust Tax Return (TRT) for 2025 including:

Overview
Trust Tax Return 2025 Changes
Link to ATO PDF & Instructions

Overview

The ATO has released new forms and schedule for 2025. There have been some field changes to the Trust Tax Return for 2025 as detailed below:

Trust Tax Return 2025 Changes

Tax Return Section	Description
Trust information: Managed investment trusts (MIT) Is the trust a withholding MIT? Is the trust a stapled MIT?	The following questions have been added at managed investment trust (MIT) in the trust tax return 2025.
Trust information: Managed investment trusts (MIT) MIT type and code	The ATO has added the following list of MIT types and codes: Code A: Affordable housing MIT Code B: Build to rent MIT Code C: Clean building MIT Code E: Equity MIT Code H: Hybrid MIT Code P: Property MIT But removed the following list of MIT types and codes: Code N: Not a withholding MIT Code W: Withholding MIT Remain unchanged: Code C: Clean MIT
Item 9: Rent Label Y: Build to rent capital works deduction at 4%	The housing tax incentives give owners and investors in large-scale eligible build to rent developments access to an accelerated deduction of 4% for capital works relating to build to rent developments. Owners and investors must must meet all the eligibility criteria and notify the Commissioner of Taxation (the Commissioner) of their choice for the development to be an active build to rent development in the approved ATO form.
Item 22: Foreign income Attributed foreign income	The question has been updated to include "...branch operations in Australia..." in the trust tax return 2025. Branch operations in Australia or overseas include: Business operations carried on by an Australian resident entity at or through a fixed place of business in another country Business operations carried on by a foreign resident entity at or through a fixed place of business in Australia.
Item 29: Overseas transactions Label O: Were the thin capitalisation or debt deduction creation rules applicable to you?	The question has been updated and added "...or debt deduction creation rules applicable to you". For income years that commence on or after 1 July 2024, the debt deduction creation rules operates to disallow related party debt deductions arising in relation to certain related party arrangements including arrangements undertaken (entirely or partially) prior to 1 July 2024.
Item 52: Small business bonus deductions Label A: Small business skills and training boost Label C: Small business energy incentive	Item 52 and all the sub-labels have been fully removed from the trust tax return 2025.