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Loan in maiden name, Investment in married name

Discussion in 'Accounting & Tax' started by chylld, 24th Jun, 2016.

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  1. chylld

    chylld Well-Known Member

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    My accountant is on leave atm so calling on the collective PC knowledge for some simple clarification.

    We have some managed funds in my wife's married name but financed out of a borrowing in her maiden name. Will this cause any tax complications? i.e. will interest still be deductible?
     
    chylld, 24th Jun, 2016
    #1
  2. Blacky

    Blacky Well-Known Member

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    1) nope
    2) yep

    She is still the same person.
    Its not hard to change her name with the bank. Just take in the marriage cert and some ID in her new name (updated passport/drivers licence).
    Some banks even let you do it without visiting the branch.

    Blacky


     
    Blacky, 24th Jun, 2016
    #2
    Peter P, Daniel Taborsky, chylld and 2 others like this.
  3. chylld

    chylld Well-Known Member

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    Cheers Blacky. Just got the form from the bank, marriage cert and stat dec is all that's required... good to know there's no rush to do it though.
     
    chylld, 24th Jun, 2016
    #3
  4. JacM

    JacM VIC Buyer's Agent - Melb N & W, Geelong, Ballarat Business Member

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    If the bank has your tax file number recorded, that's unique identifier irrespective of what you've changed your name to. ;)
     
    JacM, 24th Jun, 2016
    #4