On 13 February 2013 the Australian Taxation Office released the Final Ruling TR 2013/2 Income Tax: School or College Building Funds (which significantly changes the old ruling).

All Schools or Colleges or Churches with a DGR Building Fund should read our summary of the new ruling and consider carefully if they need to take specific advice on how to comply with the new ruling.

Read our summary by Kensie Corney (Senior Associate) in the Corney & Lind Legal Resource Centre.

All charities that were endorsed as charitable institutions or charitable funds with the Australian Taxation Office before 3 December 2012 have been automatically transferred across to the new Australian Charities and Not-for-Profits Commission (ACNC) Register.

The ACNC is the new Commonwealth regulator of Australian charites.

The ACNC is writing to all these charities and sending them an AB Form - Confirm your registered charity details. If you have several charitable entities, you will receive and need to complete a separate AB Form for each one.

If you have received such a form, it is important to take care in how you complete it and ensure you return the correct documents with the completed form. If you have any concerns or questions at all, we strongly recommend having your completed form reviewed prior to submitting it with the ACNC.