Joint loan, investments in one name - deductibility?

Discussion in 'Accounting & Tax' started by goponcho__, 6th May, 2020.

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  1. goponcho__

    goponcho__ Well-Known Member

    Joined:
    4th Nov, 2017
    Posts:
    49
    Location:
    Perth
    Hi,

    Partner and I have a home loan jointly. If we split a portion off, and then i alone buy some shares as an investment, can 100% of the interest and profits be assessed to myself who has ownership of the shares?

    And i will be able to deduct 100% of the interest, not 50%?

    Found this which seems to say the same, but clarifying:
    https://community.ato.gov.au/t5/Inv...nse-Investment-Loan-in-Joint-Names/td-p/20805

    Thanks!
     
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  2. goponcho__

    goponcho__ Well-Known Member

    Joined:
    4th Nov, 2017
    Posts:
    49
    Location:
    Perth
    Update: accountant says okay, if bought in my name alone, and i receive all dividends and no detours, i can claim 100% of interest.
     
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  3. Terry_w

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

    Joined:
    18th Jun, 2015
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    Australia wide
    Yes there is a tax ruling where the ATO allow this. I have mentioned it on the propertychat forum, but cant remember the TR number off the top of my head - something in 1993 perhaps
     
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