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And one advantage is asset protection - for the 1% holder. This prevents the other spouse from: 1. selling 2. mortgaging the property with out the consent of the 1% holder. But this could also be achieved by a caveat.

Mainly from an asset protection point of view and servicing: 1. If the loan is unable to be paid both parties are fully liable. 2. If both names on the loan then this eats into serviceability as a result of 1 owning 1% of a $500,000 property means your share is only worth $5,000 yet you...

99% owner claims 99% of the bills - but also gets 99% of the income. Not a good idea generally - my opinion.

I think it is more for the tax reasons.

No, it affects land tax and for income tax you will be taxed on % ownership

The joint owners are assessed as if they were one person an get the threshold - primary tax payer. If they have other properties they are asessed separately including their % share of the joint property but get a credit as the secondary tax payyer so they are not taxed twice.