Summary – Taxation Ruling 2013/2 was released last week clarifying the way in which s 30-15 and Item 2.1.10 of the table in s 30-25(1) of ITAA1997 apply to persons who make a gift or contribution to a public fund which purports to be a school building fund.
Last week the ATO on behalf of the Commissioner of taxation released TR 2013/2 regarding school building funds.
In particular, the ruling discusses factors relevant to determining:
- What a school or college is for the purposes of Item 2.1.10;
- Whether a building is used as a school or college by an entity; and
- Whether 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.