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You're right jrc! ATO says "tax loss (when) allowable deductions (...) is greater than the total of your assessable income and your net exempt income" . Figures aren't good, assuming 2 years out of the workforce: Year 1 Salary $10k FTB $11k (FTA/B/bonus) Less: share of net loss...

Turns out that because its an IP and not a PPOR, to convert from joint tenants to single ownership I would be up for stamp duty on 50% of the council rates capital value. Have also done some investigation on the ATO site and I gather that if we left the joint tenancy in place, my wife would be...

Thanks Gools, much appreciated. Getting in touch with them now.

Hi all, My wife and I purchased a IP in Dec 09. Both the property and loan are in joint names, which by default would be a 50/50 split. Cue happy surprise! (guess we celebrated too much..) So in Sep 2010 she'll stop working. She probably will get some Family Tax Benefit income. The IP...