Taxation Ruling

TR 96/8W

Income tax: school and college building funds

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Notice of Withdrawal

Taxation Ruling TR 96/8 is withdrawn with effect from 5 December 2011.

1. Taxation Ruling TR 96/8 sets out the Commissioner's views on when a school or college building fund qualifies as an eligible gift recipient under Item 2.1.10 of table 2 in former subsection 78(4) of the Income Tax Assessment Act 1936 (the Act). Section 78 of the Act was repealed as inoperative in 2006 and Division 30 of the Income Tax Assessment Act 1997 (ITAA 1997) deals with the deductibility of gifts made in the 1997-98 or later years of income.

2. 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.

Commissioner of Taxation
30 November 2011

References

ATO references:
NO 1-2HSOCL9