All Topics / Help Needed! / Investment or PPOR – 2 Names on contract

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  • Profile photo of ediot123ediot123
    Participant
    @ediot123
    Join Date: 2007
    Post Count: 54
    July 9, 2010 - 5:20 am

    If you have a joint account for one property (A and B) 3 bedrooms.

    "A" wants to live in the property as well as rent out the other two rooms.

    A and B both receive rent from the other two rooms.

    How does this affect tax? – Can it be claimed as an investment?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 9, 2010 - 11:46 am

    you could probably work it out based on approx floor area. 66% of the house is being rented out.

    A owns 50% – 16% is rented out
    B owns 50% – 50% is rented out

    So A should be able to get 16% of the income and claim 16% of the costs.
    B 50%.

    Also beware of losing the CGT exemption.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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