All Topics / Legal & Accounting / Granny Flat and the taxman

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  • Profile photo of futurefunds4mefuturefunds4me
    Participant
    @futurefunds4me
    Join Date: 2012
    Post Count: 10

    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 Paul

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    I 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.

    Profile photo of futurefunds4mefuturefunds4me
    Participant
    @futurefunds4me
    Join Date: 2012
    Post Count: 10

    Thanks Catalyst
    Anyone know of any accountants in the Sydney area who might specialise in this area?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Try Nick Moustacas from Strategic Wealth.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of PHPPHP
    Participant
    @php
    Join Date: 2014
    Post Count: 111

    +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 Me

    Give us a call or send us an email for a free residex report.

    Profile photo of futurefunds4mefuturefunds4me
    Participant
    @futurefunds4me
    Join Date: 2012
    Post Count: 10
    Profile photo of PHPPHP
    Participant
    @php
    Join Date: 2014
    Post Count: 111

    let us know how you go with whoever you’ve picked… :)

    PHP | Mortgage Station Pty Ltd
    http://www.mortgagestation.com.au
    Email Me | Phone Me

    Give us a call or send us an email for a free residex report.

    Profile photo of widedragonwidedragon
    Participant
    @widedragon
    Join Date: 2021
    Post Count: 0

    Hi,

    Can you also get Terry Waugh’s contact details for me too?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

Viewing 9 posts - 1 through 9 (of 9 total)

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