Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 723.20

Conservation covenant over land

  (1)   Section   723 - 10 or 723 - 15 does not reduce a loss if:

  (a)   the underlying asset is land; and

  (b)   the right referred to in paragraph   723 - 10(1)(b) or 723 - 15(1)(b) is a * conservation covenant over the land.

Right created on death of owner

  (2)   Section   723 - 10 or 723 - 15 does not reduce a loss if the right referred to in paragraph   723 - 10(1)(b) or 723 - 15(1)(b) is created by:

  (a)   a will or codicil; or

  (b)   an order of a court varying or modifying a will or codicil; or

  (c)   a total or partial intestacy; or

  (d)   an order of a court varying or modifying the application of the law about distributing the estate of someone who dies intestate.