Keeping IP income separate

Discussion in 'Accounting & Tax' started by dabbler, 19th May, 2016.

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  1. dabbler

    dabbler Well-Known Member

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    Hi all,

    Is there any good reasons to keep IP income separate when not joint on title ?
     
    dabbler, 19th May, 2016
    #1
  2. Yann

    Yann Well-Known Member

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    For cash flow mgmt, tax or personal reasons?
     
    Yann, 19th May, 2016
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  3. Paul@PAS

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

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    None at all for tax purposes.
     
    Paul@PAS, 19th May, 2016
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  4. Terry_w

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

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    Separate to what?

    I cannot think of any tax or other reasons not to pool rental income with other income.

    I can think of reasons why you should - to save non-deductible interest.
     
    Terry_w, 19th May, 2016
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  5. Paul@PAS

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

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    Yes eg : Pay surplus rental income to the non-deductible main residence loan or private credit card in preference to a savings acct or repaying the deductible IP loan.
     
    Paul@PAS, 19th May, 2016
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  6. dabbler

    dabbler Well-Known Member

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    Thanks all for the comments, did not want to be trying to undo something if there were any good reason/s.

    Cheers
     
    dabbler, 20th May, 2016
    #6