Income Tax Assessment Act 1997
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Hide history noteSECTION 137-15 137-15 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
(c) at the start time, both individuals are parties to the arrangement; and (d) the arrangement:
(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
(i) is in writing; and
(e) the arrangement is not of a commercial nature.
(ii) indicates an intention for the parties to the arrangement to be legally bound by it; and
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