Tax returns for property in joint names

Question from Hamish updated on 21st August 2019:

I am doing my tax returns for my investment properties. They are owned by my wife and I (both names on the title). Do we need to do two returns with 50% income and expenses on each, or can I just put everything onto my return?

Our expert Matthew Gilligan responded:

In short, you cannot return all of the income and expenditure in your tax return if the property is in joint names. Generally, the presumption is that the income and expenses should be split on a 50/50 basis if the property is in joint names. One exception to the rule is where a property is owned tenants in common with ownership proportions specifically stipulated on the title, but that is not the case here.

Matthew heads GRA's specialist property and asset planning division. He helps clients create optimal tax structures and build wealth through property. He has an extensive buy-to-hold property portfolio, is currently involved in over a dozen developments, and is author of two books - Property 101 and Tax Structures 101.

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