Questions raised during Senate estimates about negative gearing and granny flats have finally been answered.
Questions raised during Senate estimates about negative gearing and granny flats have finally been answered.
"Don't laugh, granny flats are a very important part of the future housing stock," Liberal senator Andrew Bragg said during Senate estimates. The question of how granny flats will be affected by the government's incoming tax changes, and whether they can provide a loophole around negative gearing reform, has been answered.
During Senate estimates, Liberal senator Andrew Bragg asked whether an owner can negatively gear a newly constructed granny flat, given the proposed tax reforms that arelimit negative gearingYour trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox. In response to Bragg's question, Treasury secretary Jenny Wilkinson read from a budget tax explainer.
"A granny flat adjacent to an established property that is not eligible for negative gearing is not an eligible new build," she said. "The regulation that will determine what is the definition of a new build will outline all of these details. " This response caused some confusion during the estimates, with Nationals MP Anne Webster asking a similar question. This time, Housing Minister Clare O'Neil gave the final answer to the question: Granny flats cannot be negatively geared.
"An established property recently extended a free-standing house constructed through a knock-down rebuild, replacing an older, smaller free-standing house, a granny flat built adjacent to an established property, that isn't eligible for negative gearing," she said. Sign up now for daily news from Australia and around the world. You can also subscribe to Insight's weekly newsletter for in-depth features and first-person stories.
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