What is a conservation covenant?
The legal definition of a covenant is: A promise contained in a deed to land or real estate which is binding upon the current owner and all future owners. It defines the limitations, conditions or restrictions on the use of that land.
A conservation covenant is a voluntary agreement made between a landholder and an authorised body (such as a Covenant Scheme Provider) that aims to protect and enhance the natural, cultural and/or scientific values of certain land. The owner continues to own, use and live on the land while the natural values of an area are conserved by the landholder in partnership with the Covenant Scheme Provider.
Covenant Scheme Providers can be not-for-profit organisations, government agencies or local Councils that can enter into conservation covenants with landholders to protect land with conservation values.
Covenants agreed through approved programs can be eligible for taxation concessions.
More information on tax concessions:
- Tax concessions for landowners who enter into conservation covenants
- Tax incentives for conservation.
If your organisation is a Covenant Scheme Provider and you would like your covenant scheme to be approved for the purposes of the Income Tax Assessment Act 1997, read our guidelines for approval of a covenanting program.