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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 ?
     
  2. Yann

    Yann Active Member

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    For cash flow mgmt, tax or personal reasons?
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    None at all for tax purposes.
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA 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.
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business 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.
     
  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