I'm debating whether to make a voluntary contribution of $1k into my super for the co-contribution.
I earned $30k gross this financial year but had $40k rental income (and $40k deductions). If I owned the IPs on my own, my assessable income would be $70k so I wouldn't be eligible for the co-contribution (ATO ignores the deductions), according to:
http://www.ato.gov.au/super/content.aspx?menuid=0&doc=/content/42616.htm&page=8
Luckily though, I own the IPs with my husband as tenants in common (me: 99%; him: 1%) so would we be considered as owning the investments "jointly" and therefore the deductions can be taken into account? Or would we have to have joint ownership not tenants in common?
Also, any recs for a good accountant, as we are thinking of getting one now that we have IPs.
I earned $30k gross this financial year but had $40k rental income (and $40k deductions). If I owned the IPs on my own, my assessable income would be $70k so I wouldn't be eligible for the co-contribution (ATO ignores the deductions), according to:
http://www.ato.gov.au/super/content.aspx?menuid=0&doc=/content/42616.htm&page=8
Luckily though, I own the IPs with my husband as tenants in common (me: 99%; him: 1%) so would we be considered as owning the investments "jointly" and therefore the deductions can be taken into account? Or would we have to have joint ownership not tenants in common?
Also, any recs for a good accountant, as we are thinking of getting one now that we have IPs.