Withholding Tax Deductions

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From: Peter Dean


Hi,
On the PAYG withholding form, Section C on Rental Details talks about the percentage owned and states that a property bought under Joint Tenancy can only have the interest in the property shared equally. Purchasing under Tenants in Common gives the opportunity to allocate shareholdings, hence maximum tax deductions across different income earners.
Can someone please help me with the following?
I have a property that is owned under Joint Tenancy but has on the Transfer of Land a shares arrangement that has more person with 80% of shares and the other 20%.
Does anyone know if the income/tax/deductions can be shared based on the percentages despite it seeming to be in conflict to what is stated on the tax form.

Regards,

Peter
 
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