All Topics / Legal & Accounting / Granny Flat and the taxman
Hi Guys
We are looking at putting a granny flat at the rear of our current PPOR. We have owned and lived in this property for 13 years .
We purchased it for $305K ,current value around $780K . We have been told by our accountant not to do it due to CGT implications if we sell but we really need the extra income it would provide.He has said that the CGT would be calculated from the original purchase price. We are based in South Sydney. Any advise would be appreciated.
Thanks PaulI really doubt that you would have to pay CGT from the beginning. I would seek advice from a property savvy accountant if someone doesn’t steer you to the legislation here.
My thinking would be that you would get a valuation done when you build the granny flat and CGT would be calculated from there.
I’m interested in this as friends are doing the same thing.
Thanks Catalyst
Anyone know of any accountants in the Sydney area who might specialise in this area?Try Nick Moustacas from Strategic Wealth.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
+1 for Nick
You can also call Terry Waugh.
I will try to get his contact details for you.PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Thanks guys
let us know how you go with whoever you’ve picked… :)
PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Hi,
Can you also get Terry Waugh’s contact details for me too?
Hi, Can you also get Terry Waugh’s contact details for me too?
See my signature below!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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