Building insurance for house + Granny Flat

[laurieload]

tax implications : Building insurance for house + Granny Flat

Have a spanking brand new tenanted Granny Flat in the garden of our PPOR. Building insurance is due for renewal.

Youi have given me a great deal on insuring both props combined, which is better than insuring properties separately. My question is - can I proportion out the cost of the flat building insurance at tax time when I am claiming the cost of the flat building insurance as a deduction? Flat is insured for 100k, house for 200k. Or should I do both properties separately?

Cheers in advance

 

[thesuperman]

Will having a PPOR & renting out the granny flat on the same title of land have CGT & land tax implications in NSW? Possibly something to consider.

 

[laurieload]

Yes didn't think of that. Hmmm. Anyone know how whether proportioning out land tax is permitted for a Granny Flat + PPOR?

 

[laurieload]

Ok just in case anyone follows this up later, have had advice that proportioning out land tax / CGT / building insurance cost based on land attributed to the Granny Flat come tax time is ok. Will find out for sure after tax time I guess!