Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 137.15

CGT event does not happen when a certain kind of granny flat arrangement is entered into

    A * CGT event does not happen, to the extent it relates to creating a * granny flat interest in a * dwelling under an * arrangement by entering into the arrangement at a particular time (the start time ), if:

  (a)   the individual who holds, or who is to hold, the granny flat interest under the arrangement is * eligible for a granny flat interest at the start time; and

  (b)   another individual:

  (i)   holds an * ownership interest in the dwelling at the start time; or

  (ii)   agrees, under the arrangement, to * acquire an ownership interest in a dwelling that is to be the dwelling in which the first - mentioned individual is to hold the granny flat interest; and

  (c)   at the start time, both individuals are parties to the arrangement; and

  (d)   the arrangement:

  (i)   is in writing; and

  (ii)   indicates an intention for the parties to the arrangement to be legally bound by it; and

  (e)   the arrangement is not of a commercial nature.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback