Granny Flat

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The capital gains tax for granny flats is to be scrapped next year following last night's Federal budget.
From July 1 2021, a homeowner will no longer have to pay capital gains tax where there is an agreement for a family member to reside in their home.
"It will not apply to the creation, variation or termination of a formal written granny flat arrangement providing accomodation for older Australians or people with disabilities," King&amp;Woods Mallesons advise.
"This change will only apply to agreements that are entered into because of family relationships or other personal ties and will not apply to commercial rental arrangements."
The removal of the tax is still subject to legislation passing Parliament.
The exemption will effect around 3.9 million pensioners and around four million Australians with a disability, according to the AFR.
"Under the measure, CGT will not apply to the creation, variation or termination of a formal written granny flat arrangement providing accommodation for older Australians or people with disabilities," Mr Frydenberg said.
"When faced with a potentially significant CGT liability, families may opt for informal arrangements which can leave open the risk of financial abuse and exploitation, for example following a family or relationship breakdown." 
 
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CGT exemption for granny flats under 2021 budget

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Building a granny flat could offer a stepping stone into the Sydney property market.
George Nori, How-Nano Homes managing director said today's granny flats are a combination of advanced modular design, luxury features and technology.
“As well as offering the perfect wholistic solution for first home buyers, a How-Nano Home on a property gives excellent, flexible long-term investment opportunities for families at all stages in life," he said.
"Parents can help all their children, not just one, they can downsize into the How-Nano Home when their children leave, or they can use it as an investment vehicle...the opportunities are endless.
“With a little help from their parents, home ownership can be accomplished in an amazingly short time frame.
“By using the $10k first home buyers’ grant, Stamp Duty Concession and the recently-announced changes to superannuation, and the FHB How-Nano home strategy to enter the market, Sydney first home buyers at last have a real solution.
"They are luxurious homes designed for modern living.
"Designs can be personalised with solar power and water tanks, or first home buyers can select a package that comes fully equipped with furniture, electronics and white goods.
"They are an excellent solution for first home buyers looking to get a start on the property ladder.
The rising interest in granny flats as a first home solution has encouraged How-Nano Homes to run educational seminars (‘Strategies and Solutions for First Home Buyers’) in and around Sydney: Dee Why RSL (17th July); Gosford Golf Club (18th July); Club on East Sutherland (24th July); Wests Illawarra (Wollongong – 25th July); Western Suburbs Leagues Club (Leumeah – 31stJuly); Penrith RSL (1st August).
For more information on How-Nano Homes and the Strategies and Solutions for First Home Buyers seminars, <a href="https://how-nanohomes.com.au" target="_blank">click here</a>.
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Granny Flat

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