01 Dec 11 Withdrawal of TR 96/8 - Income tax: school and college building funds
On 30 November 2011, the ATO withdrew TR 96/8 (Income tax: school and college building funds) with effect from 5 December 2011.
Draft Taxation Ruling TR 2011/D5, which will issue on 5 December 2011, rewrites TR 96/8 to provide greater guidance and more examples to organisations seeking to establish or maintain a school or college building fund that is eligible to receive income tax deductible gifts under Item 2.1.10 of the table in subsection 30-25(1) of the ITAA 1997. The 'more than 50% rule' provided as an administrative rule of thumb in TR 96/8 has been removed from the draft ruling as incorrect, with effect from the issue of TR 2011/D5. This change is explained in additional discussion and examples.