We are a husband-wife (both AU citizens and tax residents) with exposure to equity assets in India
We are salaried in Australia and send a part of the savings jointly to Indian accounts (bank)
In Australia, wrt. taxation, the joint ownership related income is split between both whilst in India the primary owner is liable to pay the tax.
In India we invest in the same managed funds but as individuals. so say 2k AUD from AU joint account is invested as 1k AUD per person via personal indian accounts. But the splitting is usually not 50:50 and can vary.
Also the Indian accounts generate savings interest.
How do we need to report these interests & possible CGs to ATO for husband and wife as the real source of money is from a joint account in AU.
Will these need to be considered as individual CG/interest/foreign tax and to be included in individual returns, or the whole amount be considered as joint and split?
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