Tax Ruling TR 2013/2 School & Church Building Funds

The Australian Taxation Office have recently released the Final Ruling TR 2013/2 Income Tax: School or College Building Funds.
This Ruling replaces TR 96/8 and replaces a draft ruling 2011/D5.
The Ruling has addressed many of the concerns raised in various submissioins by accountants & lawyers. It provides greater certainty in respect of the transitional arrangements for those funds which relied upon the old “50% use rule” contained in the previous Ruling TR 96/8.
Our school, church and not-for-profit clients should read this ruling and discuss its implications with your advisor.

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