Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 137.10

Meaning of key terms

  (1)   An individual holds a granny flat interest in a * dwelling under an * arrangement if the individual has a right to occupy the dwelling for life that has been conferred by the arrangement.

  (2)   An individual is eligible for a granny flat interest at a particular time if:

  (a)   the individual reached * pension age at or before that time; or

  (b)   the individual:

  (i)   needs, because of a disability, assistance to carry out most day - to - day activities; and

  (ii)   is likely to continue to need that assistance, because of that disability, for at least 12 months after that time.

  (3)   This Subdivision applies:

  (a)   to a * dwelling's * adjacent land in a corresponding way to the way Subdivision   118 - B applies to the adjacent land; or

  (b)   to an * adjacent structure of a flat or home unit in a corresponding way to the way Subdivision   118 - B applies to the adjacent structure.

Note:   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.


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