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 will be CF- for at least 5 years, and it's occurred to me (too late obviously) that the ownership ought to be in my name only to maximise the tax benefits.
Since the FY is not yet ended and the property has not yet appeared in our tax records, what can be done at this point?
Question 1: Is there some legal way we can retroactively adjust ownership so that I can still claim it in full in the 09/10 FY? This would be mostly for convenience so that we could continue to do my return through the accountant and hers on eTax. In other words we'd save on accountant fees and hassle for her, but not much difference in the actual tax benefits.
Question 2: How do we go about transferring a majority or full ownership to my name before the end of June?
I know we were rather silly not to consider this scenario beforehand... thanks in advance for any assistance!
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 will be CF- for at least 5 years, and it's occurred to me (too late obviously) that the ownership ought to be in my name only to maximise the tax benefits.
Since the FY is not yet ended and the property has not yet appeared in our tax records, what can be done at this point?
Question 1: Is there some legal way we can retroactively adjust ownership so that I can still claim it in full in the 09/10 FY? This would be mostly for convenience so that we could continue to do my return through the accountant and hers on eTax. In other words we'd save on accountant fees and hassle for her, but not much difference in the actual tax benefits.
Question 2: How do we go about transferring a majority or full ownership to my name before the end of June?
I know we were rather silly not to consider this scenario beforehand... thanks in advance for any assistance!