25 Oct 12 Withdrawal of IT 2258 - deductibility of election expenses
On 24 October 2012, the ATO withdrew the following Income Tax Ruling with effect from the same day:
- IT 2258W - Income tax: election expenses: deductibility of expenditure incurred and effect of public funding of elections
It was previously withdrawn by Taxation Ruling TR 1999/10 except in so far as it applied to expenses incurred in contesting an election for membership of a local governing body.
TR 1999/10 considers a range of taxation issues relevant to Members of Parliament, and includes discussion on the deductibility of election expenses.
The Withdrawal Notice states that councillors can rely on TR 1999/10 for guidance on election expenses as the principles for parliamentary election expense deductibility are equally applicable to council election expenses.