Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 137 - Granny flat arrangements  

Subdivision 137-A - When CGT events do not happen  

Operative provisions

SECTION 137-10   Meaning of key terms  

137-10(1)    
An individual holds a granny flat interest in a *dwelling under an *arrangement if the individual has a right to occupy the dwelling for life that has been conferred by the arrangement.

137-10(2)    
An individual is eligible for a granny flat interest at a particular time if:

(a)    the individual reached *pension age at or before that time; or

(b)    the individual:

(i) needs, because of a disability, assistance to carry out most day-to-day activities; and

(ii) is likely to continue to need that assistance, because of that disability, for at least 12 months after that time.

137-10(3)    
This Subdivision applies:

(a)    to a *dwelling ' s *adjacent land in a corresponding way to the way Subdivision 118-B applies to the adjacent land; or

(b)    to an *adjacent structure of a flat or home unit in a corresponding way to the way Subdivision 118-B applies to the adjacent structure.

Note:

Subsections 118-120(1) and (5) provide that Subdivision 118-B (about main residences) applies to adjacent land and adjacent structures as if they were a dwelling.