On 13 February 2013 the Australian Taxation Office released a new tax ruling for school (or college) building funds – Taxation Ruling TR 2013/2.
This tax ruling aims to clarify the definition of a school or college to help determine whether a building is used as a school or college and to identify if a fund has been established and is being maintained solely for providing money for the acquisition, construction or maintenance of a building used as a school or college.
If you want to claim a tax deduction for gifts to a school building fund or establish a tax deductible school building fund, read the full article by MSI Global Alliance firm Makinson & d’Apice here. For further information, contact us.