Gday Opening up a selfwealth account in my name only and also plan to open one in my partners name later on down the track. We both share the same bank account so all our money from working is pooled into an everyday offset account which is linked to our mortgage. We are ahead on payments and I guess technically you could say we own the house just havent been bothered to finalise the account. A couple of questions 1. Would it be wise to transfer funds into a bank account just in my name before I send onto my selfwealth account ( thinking tax office here ) My partner earns half the amount I do and I plan to do all the share purchasing for both accounts are the ato likely to question the pooled money coming from one account? Im assuming if im " smart" I would be wiser to have the majority of shares done in her name lower income better for tax purposes I guess. 2. More want simplicity so just using the shares pooled account makes sense for me Im not going to be some massive share trader would be probably lucky to invest $50K between the two of us. 3. I have a capital gains loss recorded on my tax file number so im guessing when it comes time to sell having them in my name will help to finally eliminate that recorded loss as I have been carrying it for many years now. Also anything else I should be weary of.
1. no tax reason why. There could be legal reasons to clearly distinguish whose money was used. 2. 3. possibly 4. what about debt recycling?
Re Debt Recycling:-If PPOR is under both Husband and Wife name then- 1. Do they need to open a new share trading acount (Chess account ) in join names? 2. Equity pull from PPOR will be seprate account (loan) and Is it mandatory to buy shares under both Husband and Wife ? 3. For tax purposes : all received divis of one FY will be added/considered in who's income? It might be related to #2! E.g husband on 37% and wife on 30% tax brackett Property on both names so does all the loan accounts inckuding equity pull- can all the money be invested under husband name and all divis gets added to his income and for tax claiming only he can claim as he is on higher brackett.
1. no 2. no 3. the beneficial owner of the shares will declare the income 4. either or both husband and wife, or another tax entity, could invest
Just to simplyfy If I am buying everything under my name and adding divis to my income then I can claim the Interest for whatever the $$$ value I have invested. If we have invested 50% under our own names (each) then individual inveatment income and Interest will be calculated and claimed. At this stage, we aren't intesrested to inveat under any other entity like trust etc. We might apply for new Chess account under Selfwealth to avoid any mixing with existing nabtrade/commsec
