THE GOVERNMENT HAS JUST REMOVED CAPITAL GAINS TAX (CGT) FROM GRANNY FLATS!

Granny and Co Homes — Wed, 28 Apr 2021 23:45:35 +0000

This is another update to an article we posted in April about the government’s proposal to exempt capital gains tax from granny flats: our team at Granny and Co Homes are happy to confirm that this proposal is now reality: vulnerable Australians – the elderly and those with a disability – will have access to a CGT exemption where a formal written granny flat arrangement is in place.

Granny flat arrangements are becoming increasingly common in Australia, a simple example is where one person provides consideration to receive accommodation for life, for example, funding the granny flat build on your adult child’s property in exchange for free accommodation.

Up until now, many families have been avoiding formal agreements because of the CGT implications and this has led to situations of financial abuse and exploitation when there’s been a breakdown in their relationship… what are your rights if you have a falling-out with another family member on their property? What happens if and when that adult child (the property owner) becomes bankrupt or dies?

A written agreement is necessary because it helps to formalise the living arrangement and protect the rights of both parties. Removing Capital Gains Tax from the equation will make it easier for older Australians & the disadvantaged to build granny flats with their families, improving opportunities for extended family living.

In light of issues raised by the 2018 Royal Commission into Aged Care this measure will encourage older Australians to live with their families: removing CGT will make it easier for families to build granny flats and futureproof their living arrangements.

Last update: July 3rd, 2021. Stay tuned to Granny and Co Homes, we’ll post another update as this story develops!

Our sources:

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THE BENEFITS OF A SECOND STOREY EXTENSION

Granny and Co Homes — Fri, 05 Mar 2021 05:51:15 +0000

Adding a second storey to your home can open new doors for your family, both literally and figuratively. Whether you’ve got a growing family and need more space to suit your changing lifestyle needs or you simply want to improve the value of your property, there are several reasons to choose a second-storey extension.

1. You get to keep the back yard!

One of the key benefits of building up rather than out is the fact that you don’t need any extra land to do so! You’ll be able to keep your swimming pool, your tool shed and your veggie garden right where they are.

2. It’s a cost-effective solution that gives great results

Most homes are suitable for a second storey extension and when built right, they are an economical way of transforming your home. You get to optimise the layout of your home to suit your family’s changing lifestyle needs and update its overall look.

3. You’ll be adding a large amount of value to your home.

Adding a second storey will significantly increase your home’s value, should you choose to sell. With the availability of vacant lots slowly shrinking as population records continue to grow, home buyers are looking for dwellings with extra space and room to move. Homes with parents retreats are typically in-demand.

4. That view, though.

Tying in with the previous point, another reason two-storey homes are worth more than single-storey homes is the magnificent views they yield. After all, who doesn’t love waking up to the sun rising behind the clouds or looking out their window into a tree canopy?

5. The obvious one… It’ll give you more room to move.

A holistic design that optimises the use of your home?! A whole new floor for activities?! Adding another level to your home is a great way to establish more room to move. How much would you benefit by having a parents retreat? Or a home office? Now that the kids have grown up do they need bigger bedrooms or an entertainment space? Whatever the case, adding a second storey is a surefire way to create more privacy in your home.

Interested in adding a second-storey to your home? Call us on (07) 3180 2681 to discuss your options.

The post THE BENEFITS OF A SECOND STOREY EXTENSION appeared first on Granny & Co Homes.

extended family living Archives - Granny & Co Homes

THE GOVERNMENT HAS JUST REMOVED CAPITAL GAINS TAX (CGT) FROM GRANNY FLATS!

THE BENEFITS OF A SECOND STOREY EXTENSION

1. You get to keep the back yard!

2. It’s a cost-effective solution that gives great results

4. That view, though.