ATO Publishes Taxation Ruling on Deductions for Expenditure on Environmental Protection Activities

The Australian Taxation Office (ATO) has published Taxation Ruling (TR) 2020/2 - Income tax: deductions for expenditure on environmental protection activities. Subsection 40-755(1) of the Income Tax Assessment Act 1997 (ITAA 1997) allows an immediate deduction for expenditure incurred for the sole or dominant purpose of carrying on environmental protection activities. For this purpose, TR 2020/2 explains:

• what are 'environmental protection activities';
• when expenditure is incurred for the '…