The Australian Taxation Office has published for consultation draft Taxation Ruling (TR) 2019/D3 concerning deductions for expenditure on environmental protection activities. Under Subsection 40-755(1) of the Income Tax Assessment Act 1997, an immediate deduction is allowed for expenditure incurred for the sole or dominant purpose of carrying on environmental protection activities. TR 2019/D3 explains:
- What are 'environmental protection activities';
- When expenditure is incurred for the 'sol…