Tax deductions for asbestos testing, removal and disposal Fact Sheet
This fact sheet provides information for owners of commercial and rental properties on income tax deductions for certain asbestos activities.
In July 2020, the Australian Taxation Office (ATO) published the taxation ruling TR 2020/2 allowing income tax deductions for expenditure on ‘environmental protection activities’.
This means if you own a property that provides you with an income, for example commercial or rental properties, some asbestos activities may be claimed as a tax-deductible expense.
The activities are:
- testing where asbestos is suspected (even if asbestos is not found)
- engaging a licenced asbestos removalist to remove and dispose of asbestos (including fences and sheds)
- replacing removed materials, only where this results in a minor degree of alteration and improvement.
Read the full fact sheet for more information.