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Granny Flat Arrangement - CGT implications?

Discussion in 'Accounting, Tax & Legal' started by Kim Ervin, 25th Jul, 2012.

  1. Kim Ervin

    Kim Ervin New Member

    Joined:
    25th Jul, 2012
    Posts:
    1
    Location:
    Sydney, NSW
    I was paying off a mortgage on a town house when I met my husband. I then bought a house with him, and let my parents move into my town house for life (as they didn't own a house and were nearing retirement). My dad gave me part of his super (30k) to help reduce the mortgage. They have lived in the house for 14 years. Later, I refinanced my house, and paid that mortgage off to make it easier to manage. I called up the tax office before I started the arrangement and was told that it was a granny flat arrangement and thought that meant that no CGT would be payable. I am now wondering though, what the CGT implications are for me when they eventually are living with me and the house is vacant. Have I been totally stupid?
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Yes, there would be CGT on the property because you are claiming, presumably, the house with your husband as your main residence. Assuming you purchase post 1985 too.