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ARTICLE · 08 FEBRUARY 2024

Decision Impact Statement in relation to school building funds

Cooper Grace Ward
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The ATO responded to the Court decision about the broad definition of 'school' for the purpose of school building funds.

AustraliaTax
Carly Ashwood
Carly Ashwood
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The ATO has released its Decision Impact Statement regarding the Federal Court decision of The Buddhist Society of Western Australia Inc v Commissioner of Taxation (No 2) [2021] FCA 1363. The Decision Impact Statement responds to the Court's decision that the definition of the word 'school' for the purpose of school building funds is a broad one, to be determined only by its ordinary meaning and not by additional requirements expressed by the Commissioner of Taxation.

Entities operating a fund for the acquisition, construction or maintenance of educational institutions may now find it easier to establish their entitlement to endorsement by the ATO as a deductible gift recipient (DGR). A DGR can receive tax deductible gifts and contributions, which donors can deduct from their assessable income when lodging their tax returns.

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