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Australia Publishes Draft Tax Ruling on Deductions for Expenditure on Environmental Protection Activities

|Proposed Changes|Australia
Australia

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 …

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