Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 723 - Direct value shifting by creating right over non-depreciating asset  

Subdivision 723-A - Reduction in loss from realising non-depreciating asset  

SECTION 723-20   Exceptions  

Conservation covenant over land

723-20(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

723-20(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.