Allocating income from granny flat

Discussion in 'Accounting & Tax' started by See Change, 25th May, 2018.

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  1. See Change

    See Change Well-Known Member

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    House owned as joint tenants . ( Me and Wife )

    Granny flat , in back yard , paid for by one of the owners ( Wife , low income ) .

    Income to wife rather than split two ways ?

    Any thoughts , ways to make it happen ?

    @Terry_w , @Paul@PFI , @Scott No Mates

    Cliff
     
    See Change, 25th May, 2018
    #1
  2. Mike A

    Mike A Well-Known Member

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    Will need to be split 50/50

    Not unlike RBA Content

    In this ruling they even went one step further and husband leased the portion of the land holding the granny flat.

    Have you considered changing your ownership interest to 100% in your wifes name ?
     
    Last edited: 25th May, 2018
    Mike A, 25th May, 2018
    #2
    Terry_w likes this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I suspect from the past tense in the OP that its too late to address ownership without costs eg duty.
     
    Paul@PAS, 25th May, 2018
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  4. See Change

    See Change Well-Known Member

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    Originally 100 % my name when renting it out so could claim deductions. When moved in , we changed to 50 / 50 . My understanding is we couldn't change it again with out costs .

    Cliff
     
    See Change, 25th May, 2018
    #4
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Will cost you
    stamp duty
    CGT possibly
    loan entry and exist costs
    legals
     
    Terry_w, 25th May, 2018
    #5
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    did the transferee buy the 50% off the transferor? And if so at full market value?
     
    Terry_w, 27th May, 2018
    #6
  7. See Change

    See Change Well-Known Member

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    Done with appropriate legal advice .

    Cliff
     
    See Change, 27th May, 2018
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    Terry_w likes this.
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