Capital Gains Tax Exemption on Granny Flats: What You Need to Know
The Treasury has announced a capital gains exemption on granny flats this month, a decision which will bring welcome relief to many families looking to build a granny flat.
So, what does this mean for you? With the introduction of this exemption, families will receive assistance in providing safe accommodation for elderly or disabled family members, an issue which has come to the forefront this year given the pandemic situation. From July 1 2021, capital gains tax will no longer be charged when you build a granny flat for elderly or disabled relatives.
To make the most of this exemption, it is important to ensure there is a formal written agreement in place. When preparing the formal agreement, qualified legal assistance should be sought to ensure there are no unforeseen issues and all parties have a clear understanding of the agreement.
According to government figures, there are approximately 3.9 million pensioners and 4 million people with a disability who could potentially benefit from this new exemption!
Granny flats are the perfect alternative to traditional care facilities and retirement homes, allowing the elderly or disabled to live close to their loved ones and maintain a sense of independence. As self-contained secondary dwellings built on the same lot as the main house, granny flats usually contain their own bathroom, kitchen, laundry, living room and bedrooms.
An Acrow Investments granny flat is completely customisable and can be configured to meet all accessibility needs. Disability-friendly fixtures, access ramps and larger doorways are just some of the ways in which you can customise your design to suit elderly or disabled relatives.
We work closely with our clients to ensure all their needs are met and the design suits their living requirements.
Servicing the Central Coast, Lake Macquarie, Newcastle and Hunter regions, Acrow Investments has a proven track record in designing and building granny flats that are not only affordable, but also exceed our client’s expectations in the quality of finishes and workmanship.
With construction costs starting at $99,000.00 Ex GST and the added benefit of the capital gains tax exemption, building an Acrow Investments granny flat is a wise lifestyle investment.
Contact us today to discuss how Acrow Investments can help your family build for your future.
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