Income Tax Assessment Act 1997
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Hide history noteSECTION 137-20 137-20 CGT event does not happen when a certain kind of granny flat arrangement is varied
A *CGT event does not happen, to the extent it relates to creating or varying a *granny flat interest in a *dwelling under an *arrangement by varying the arrangement at a particular time (the variation time ), if: (a) the individual who holds, or who is to hold, the granny flat interest under the arrangement (as varied) is *eligible for a granny flat interest at the variation time; and (b) another individual:
(i) holds an *ownership interest in the dwelling at the variation time; or
(c) at the variation time, both individuals are parties to the arrangement (as varied); and (d) the arrangement (as varied):
(ii) agrees, under the arrangement (as varied), 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 (as varied) 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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