Granny flats: Tax tips and traps
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years.
But there are important tax and personal considerations to consider before taking the plunge and digging up the backyard.
Although the Federal Budget proposed significant reform in this area (which we cover later in this article), important tax questio...
Backyard Building Boom - tax implications of redeveloping your property
With house prices rising and well-located land becoming scarce in cities, many Australians are looking for creative ways to tap into the value of their own backyard. Some subdivide, while others take the knock-down and rebuild route.
But like most things in life, the tax man takes a close interest when it comes to redeveloping your property, so it's important to get professional advice to ensure you don't ...