If a loan is in joint names do you need to have the same people on the title of the property or is it better to have one person on the title for tax purposes?
You can have one person or both on the title. You can also divide the ownership from as little as 99%/1% depending on the banks policy but definitley 90/10 split or a variation.
Idealy this is decided before a contract is signed encompassing Terrys points but can be changed after the fact via a variation.
Best practice is to consult your accountant and property lawer before entering a transaction. This rarely happens unless advised correctly.
Should the person with 100% of the title be the one with a higher income? This is in relation to a married couple. Not sure which strategy is more beneficial.
The main purpose would be to claim as much as possible.
Should the person with 100% of the title be the one with a higher income? This is in relation to a married couple. Not sure which strategy is more beneficial.
The main purpose would be to claim as much as possible.
sounds like you don't understand the issues. Look at my first 3 newsletters on structuring which answer some of your unsaid questions. http://www.loan-experts.com.au/article/