Hi everyone,
My father has purchased two properties off the plan (Barangaroo and Surrey Hills) which settle in December 2015. I am entering into a partnership with my father, providing 50% of the deposit on settlement and, due to my high salary, I will be paying the recurring expenses.
I want to claim all expenses (mortgage, strata fees, etc) in my tax return to maximise the negative gearing benefits. However I believe a simple 50/50 ownership structure with my father will mean I can only claim 50% of the expenses.
I have two questions I am keen for your help with:
1) How can my father and I set up a structure of ownership that allows me to claim 100% of expenses on my tax return, but splits debts/profit shares between us?
2) I will need to speak to a professional to obtain advise I can act on. What type of professional is best to speak to? e.g. accountant, property lawyer, etc?
My father has purchased two properties off the plan (Barangaroo and Surrey Hills) which settle in December 2015. I am entering into a partnership with my father, providing 50% of the deposit on settlement and, due to my high salary, I will be paying the recurring expenses.
I want to claim all expenses (mortgage, strata fees, etc) in my tax return to maximise the negative gearing benefits. However I believe a simple 50/50 ownership structure with my father will mean I can only claim 50% of the expenses.
I have two questions I am keen for your help with:
1) How can my father and I set up a structure of ownership that allows me to claim 100% of expenses on my tax return, but splits debts/profit shares between us?
2) I will need to speak to a professional to obtain advise I can act on. What type of professional is best to speak to? e.g. accountant, property lawyer, etc?