Private Rulings arent binding and arent precedent. Often as useful as ti%s on an ant and the scope and questions put to Commr are abbreviated for space and true scope of ruling isn't capable of being read in many cases.
Also ONLY the taxpayers who apply can rely on it. Its useless for others...
A further issue that supports joint loans occurs with 'entity' loans. Banks will often give 'mum & dad' preliminary loan approval to a financing deal such as buying an IP. They then dont care who the final buyer is on title provided they have security and guarantees. They just want a mortgage...
Its a valid concern that the ATO haven't really addressed when joint borrowers use proceeds for one of them to acquire title. The basic rule is how were the funds used not who borrowed etc. This is demonstrated by the inability of one joint owner to claim specific costs. They both bear costs...
