Second dwelling on 2 acre land with future subdivision

Hello,
I have searched the forums and can't exactly find what I'm looking for so posting a question. However if this has been answered my apologies in advance. I am often reluctant to post on forums with what is probably a commonly asked question, However there are few other unique factors to this one.

Background:

My parents are in the process of subdividing their 3.5 acre property in Bass Coast shire (Vic) with an existing house on the property. They plan to sell off the existing house on the proposed one acre after subdivision and build a new house on the remaining 2.5 acres with option to subdivide the 2.5 acres further to 1 acre + 1.5 acres. There is no issues with subdivision in the area with 1 acre lots being the minimum for easy subdivision.

The company doing the subdivision has sughested we have two option. Either subdivide the 3.5 acres into 1acre + 2.5 acres with provision and planing to subdivide the 2.5 acres into two titles at a later stage but keep the 2.5 as one for now.

OR

Subdivide the 3.5 acres into 1 + 1 + 1.5 now and maintain ownership over the remaining titles after selling the existing house.

NOW THE MAIN QUESTION.

My parents are wanting to build a second dwelling for me to live in on the property. We were thinking of putting it on the section of land that we may sub divide further in the future and taking into consideration their pension, assets and CGT these are all factors.

Do we need to build the second dwelling as a Granny flat and is that limited to 60m2?

Or because it may end up being a second title 1 acre later, can we build a larger granny flat?

Or are we better off subdividing it all now and just building it as a stand along dwelling? however this may have implications for their asset base or primary place of residence.

I'm reluctant to put the land into my name at this stage, having gone through a divorce and now in a relatively fresh new relationship im trying to protect any assets, if (touchwood) this relationship was to break down being early in the piece.

At this stage it would seem we need to get some professional advice for a number of issues but considered this forum to be a good starting point.

Once again I apologise if I have missed an etiquette for these forums or guidelines for posting.

 

Others may reply, but I think you, and maybe your parents separately, need personal, legal and accounting advice. Before any town planning advice.

 

Thanks Hebro, Yes absolutely agree with you. Sounds like we may need a financial planner advice for tax and pension minimisation. The idea is to shift their primary place of residence by selling off the existing home and building a new home. As selling the property as is was not finically beneficial as to buy smaller land in town and build would have cost what this property would nearly sell for.

The difficult part is trying to find professional advice from a few different areas of practice as you have stated as while it sounds simple in theory there are lot of factors to consider especially when it comes to protecting financial interests.

 

This is something a lawyer can advise on. A lawyer could cover duty, land tax, income tax, social security etc I would normally advise on this, but am not taking any law clients atm.

 

This will bring more fees and land tax. Proobably best wait as much as possible.
Also need pro advice re CGT issues.

You can build whatever the council allows. Though a Duplex with one title may better suit your needs.

You need to talk to an accountant re CGT

You really need legal advice on this. A testimentary trust may be a starting point to discuss.
Def a prenup. Or don't get married and rent another place.
Seek legal advice.