Hi there,
My husband and I have 1 IP which we purchased as Joint Tenants. Does this mean come tax time everything is split 50/50 for filing our tax returns or are we able to change the percentage for example 70/30?
Thanks in advance
As Joint Tenants, everything is split 50/50.
Thank you for your response. That is what I thought but the ATO website didn't make it easy for me to find the answer I was looking for.
Additionally, can someone please explain what the difference is between filing tax return jointly or separately when married…?
Tax returns are done separately but there is a little section regarding adding your spouse and her/his income.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
So do you have to add their income or is this optional? And how does it affect my tax return?
Sorry if this sounds silly but I’m not really sure and I will ask my accountant but I would like a basic understanding before going to see himThere is a place to put their income and it may affect your income tax by increasing your rebates if your spouse is on a low income,
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks Terry, really appreciate you taking the time to explain it.
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