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ARTICLE · 19 MARCH 2013

New Tax Ruling For School Building Funds

Moore Australia
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TR 2013/2 clarifies the definition of a school or college and identifies key requirements for a school building fund.

AustraliaTax
Andrew Lam
Andrew Lam
Sunny Goela
Sunny Goela
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On 13 February 2013 the Australian Taxation Office (ATO) 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.

Broadly this ruling stipulates that the key requirements for a school or college building fund are:

  • there must be a school,
  • there must be a building,
  • the building must be a school,
  • the building must be used as a school by a qualifying body,

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