Granny Flats & Why you need to formalize your agreement.

Are you or is someone in your family currently living in a granny flat?

Recently, the Morrison Government announced as part of the 2020-21 Budget that there will be a Capital Gains Tax (CGT) exemption for granny flat arrangements where a formal written agreement exists. This exemption will only apply to formal arrangements between family or personal relationships and will commence 1 July 2021.