Joint names or single for tax credit

Discussion in 'Accounting & Tax' started by Gruber, 18th Sep, 2015.

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  1. Gruber

    Gruber Active Member

    18th Sep, 2015
    Accounting question for our first IP. I am self employed but also SAHM so work very little. Is it better for tax purposes for the purchase to be in husbands name for tax credit? We are running figures through PIA and it shows a larger credit for single rather than joint, I am wondering if someone can please explain this?
  2. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent Business Member

    24th Jun, 2015
    Sydney & Melbourne
    Need to do some further analysis. What is the amount of tax credits ? If substantial then might be worth having the higher income earner hold the asset.

    If the tax credits are small and you anticipate a decent capital gain and looking at selling within 10 to 15 years then might be worth deferring those small tax credits and having a lower cgt liability later on.