Joint Ownership

[WebBoard]

From: Bernie Phillips


Hello All

I'm just wondering how to go about setting up an IP in PIA that is joint owned b/w 3 people. If I put myself in as the primary investor how can I then put the other 2 people in as my "partner", as there is only provision for one associate? Or, should I just be dividing everything by 1/3?

Any help appreciated.

Cheers

BP

 

[WebBoard]

Reply: 1
From: Webmaster (Somersoft)


While the PIA does only handle an investor and partner, you can of course put your ownership in at 33% and your "partner" as 67%, but the total tax credits will not necessarily be accurate, depending on the relative incomes of your two co-owners. The most accurate method will be to divide everything by three, but also ensure that the stamp duty is calculated as one third of the total stamp duty, not the stamp duty on one third of the investment.

 

[WebBoard]

Joint Ownership - Self Managed Super Fund

Reply: 1.1
From: Glenn Pitt


I have recently purchased an investment unit with a business partner for this transaction.

We financed the loan by establishing our own Superannuation Fund and applying these for 2/3 of purchase price with remaining 1/3 provided equally by both partners for this transaction (ie 1/6 each loan or cash contribution)

How can I correctly enter this into PIA V7.0 to correctly apportion amounts and recognise the Super Fund only pays 15% tax??

Thanks.......Glenn