Welcome to Gleeson & Partners
At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.
The team of focused, friendly accountants at Gleeson & Partners offers a wide range of expertise and experience in business, taxation, financial planning, and wealth creation.
For more information on how our expertise can benefit you, contact us today!
"GRANNY FLAT" TAX ISSUES REVIEW
The Government has requested the Board of Taxation to undertake a review of the tax treatment of granny flat arrangements and recommend potential changes.
This review is in response to an Australian Law Reform Commission Report which identified the development of formal and legally enforceable family agreements as a measure to prevent elder abuse.
The concern is that under current tax laws, a homeowner may have to pay capital gains tax where there is a formal agreement for a family member to reside in their home, eg: when an older parent lives with their child either in the same dwelling or a separately constructed dwelling. The review will consider and make recommendations on the appropriate tax treatment of these arrangements, while considering the interactions between the current tax laws and treatment of "granny flat interests" under the solical security rules.