Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 137.20

    A * CGT event does not happen, to the extent it relates to creating or varying a * granny flat interest in a * dwelling under an * arrangement by varying the arrangement at a particular time (the variation time ), if:

  (a)   the individual who holds, or who is to hold, the granny flat interest under the arrangement (as varied) is * eligible for a granny flat interest at the variation time; and

  (b)   another individual:

  (i)   holds an * ownership interest in the dwelling at the variation time; or

  (ii)   agrees, under the arrangement (as varied), 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 variation time, both individuals are parties to the arrangement (as varied); and

  (d)   the arrangement (as varied):

  (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 (as varied) is not of a commercial nature.