Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 3/6)
Character Range: 2786502–2789153

Subsections 118‑120(1) and (5) provide that Subdivision 118‑B (about main residences) applies to adjacent land and adjacent structures as if they were a dwelling.

137‑15  CGT event does not happen when a certain kind of granny flat arrangement is entered into
  A *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.

137‑20  CGT event does not happen when a certain kind of granny flat arrangement is varied
  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.

137‑25  CGT event does not happen when a certain kind of granny flat arrangement is terminated
  A *CGT event does not happen, to the extent that it relates to terminating a *granny flat interest in a *dwelling under an *arrangement by terminating the arrangement, if:
 (a) section 137‑15 applied so that a CGT event did not happen when the arrangement was entered