This Ruling, issued Wed 13.2.2013, sets out the Commissioner’s view on the way in which s 30-15 and Item 2.1.10 of the table in s 30-25(1) of the ITAA 1997 apply to individuals who make a gift or contribution to a public fund which purports to be a school building fund.
In particular, the Ruling discusses factors relevant in determining what a “school or college” is, whether the building is “used as a school or college” by an entity, and whether the fund was established and maintained solely for providing money for the acquisition, construction, or maintenance of a building used as a school or college.
The Ruling does not consider what constitutes a gift, the meaning of a “public fund”, or the administrative processes relating to the endorsement of a school building fund. It was previously released as Draft Taxation Ruling TR 2011/D5 and contains more details on the key requirements under Item 2.1.10 of the table in s 30-25(1).
DATE OF EFFECT: Applies both before and after its date of issue.
[LTN 29, 13/2/13]