Commonwealth Consolidated Acts Commonwealth Consolidated ActsA * CGT event does not happen, to the extent it relates to creating a * granny flat interest in a * dwelling under an * arrangement by entering into the arrangement at a particular time (the start time ), if:
(a) the individual who holds, or who is to hold, the granny flat interest under the arrangement is * eligible for a granny flat interest at the start time; and
(b) another individual:
(i) holds an * ownership interest in the dwelling at the start time; or
(ii) agrees, under the arrangement, to * acquire an ownership interest in a dwelling that is to be the dwelling in which the first - mentioned individual is to hold the granny flat interest; and
(c) at the start time, both individuals are parties to the arrangement; and
(d) the arrangement:
(i) is in writing; and
(ii) indicates an intention for the parties to the arrangement to be legally bound by it; and
(e) the arrangement is not of a commercial nature.