Hi all...Question around structuring of ownership and its tax implications.
Scenario:
-Wifey is off work atm watching new born, will not be going back to work till July 2014, once she goes back it will be on a part time basis.
- Wifey when fulltime earns around 70K
- I earn above 150K
- purchasing IP, for around 300K
Given the above what ownership structure would be best? individual ownership or joint ownership (joint tennants or tennants in common)?
If i go tennants in common, whats the thought process around who should have what share? Do I put my name down for say 70% as I pay the most tax? or is it vice-versa?
Thanks!
Scenario:
-Wifey is off work atm watching new born, will not be going back to work till July 2014, once she goes back it will be on a part time basis.
- Wifey when fulltime earns around 70K
- I earn above 150K
- purchasing IP, for around 300K
Given the above what ownership structure would be best? individual ownership or joint ownership (joint tennants or tennants in common)?
If i go tennants in common, whats the thought process around who should have what share? Do I put my name down for say 70% as I pay the most tax? or is it vice-versa?
Thanks!