Forums / Getting Technical / Legal & Accounting / SMSF Property Adding a Granny Flat

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of AAQAAQ
    Participant
    @aaq
    Join Date: 2005
    Post Count: 46

    We bought a corner house and land in our smsf originally planning to knock down and put a duplex up, then they changed the rules way back and you can’t change the usage so that was out. But can you add a Granny Flat to the backyard? Does that change the usage as we already have 2 street access. Anyone got any experience with this or any opinions. thanks

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    My guess would be that it won’t change the usage but if I were you, I would discuss with my accountant? 👍😎

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    I would say even better than sitting with accountant,

    go to town planning/call

    organise an informal meeting and get a scope of work

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    This is covered in one of the tax rulings. I can’t recall the answer specifically but I think it may be possible as long as it doesn’t create a new asset.

    Best to speak to council or a town planner first to see if possible generally and then to seek specific legal advice on whether it would be a breach of the sis act. A lawyer can give this advice but do can a licensed planner or accountant that is licensed.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.