Legal Practice

Draft Taxation Ruling – TR2019/D3 – Income Tax: deductions for expenditure on environmental protection activities

The submission to the Australian Taxation Office in relations to the Draft Taxation Ruling – TR2019/D3 – Income Tax: deductions for expenditure on environmental protection activities was prepared by the Australian Environmental and Planning Law Group (AEPLG) of the Law Council’s Legal Practice Section.

The AEPLG notes that the draft Ruling aims to explain the operation of subsection 40-755(1) of the Income Tax Assessment Act 1997 (Cth) (Income Tax Assessment Act) which allows an immediate deduction for expenditure incurred for the sole or dominant purpose of carrying on an ‘environmental protection activity’. The AEPLG supports such explanation by way of a Ruling.

The AEPLG also notes that the greater clarification provided by the draft Ruling may incentivise the carrying out of environmental protection activities that otherwise might not occur, thus producing a better outcome for the environment.

You can read the full submission below.

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