If your property includes both an owner occupied dwelling and a granny flat, there are two ways to manage it in Property Tank, depending on how the property is set up and how you want to track it.
In this article:
Option 1: Set up two separate properties (recommended)
This is the preferred approach in most cases, especially where the granny flat operates independently.
When to use this method
Use separate property entries if:
The granny flat earns its own rental income
There are specific loans relating to the build
You have separate depreciation schedules
Some expenses only relate to one part of the property
You want to track performance separately
Why this works best
In Property Tank, the claim % is calculated based on your setup (ownership or floor area) and is locked per property.
That works well for shared scenarios, but becomes limiting when:
some expenses only relate to the granny flat
others only relate to the main dwelling
By setting them up separately, you can:
Split shared expenses accurately
Allocate 100% of costs where appropriate
Track granny flat income and performance independently
Keep cleaner, audit-ready records
How to set it up
Step 1: Add the owner occupied dwelling
Go to Property Tank
Click Add Property
Enter the details
Set as Owner Occupied
Save
Step 2: Add the granny flat
Click Add Property again and enter the granny flat using a manual version of the address so it can be identified separately. For example:
12 Smith Street.. (main residence address using the search)
Unit A 12 Smith Street..... (added as a manual address)
Using a variation of the address makes it easier to identify the granny flat when allocating transactions. Also, as this is a manual address, the market value will also need to be entered manually which is important to avoid inflating your total asset values:
If the main property’s CoreLogic value already includes the granny flat, set the granny flat market value to $0.00
If you want to track the granny flat separately, enter an adjusted value for each property
Just make sure the combined market values reflect the true total property value.
Step 3: Allocate shared expenses
For shared costs like:
council rates
insurance
water
general maintenance
Split the transaction between both properties (e.g. 70% / 30%).
Step 4: Allocate specific expenses
Granny flat repair → 100% to Granny Flat
Main dwelling expense → 100% to Owner Occupied
Option 2: Use the “Shared Property” approach
This is a simpler option where everything is treated as one property and apportioned.
When to use this method
Use this approach if:
The granny flat is part of the main residence
Costs are mostly shared
There are no separate loans or depreciation schedules
You want a simpler, lower-maintenance setup
How it works
All income is recorded as taxable
All expenses are apportioned based on:
floor area (sqm), and
usage of common areas (same approach as shared accommodation)
Once your percentage is set, it applies automatically — so there’s no need to manually split each transaction.
Which option should you choose?
Want accuracy, flexibility, and detailed tracking?
→ Go with separate properties (Option 1)Want simplicity and everything is shared?
→ Use Shared Property (Option 2)
Simple rule of thumb
If the granny flat has its own financial life (income, loan, depreciation), set it up separately.
If everything is shared, keep it simple and apportion.