Hi
If a property is jointly owned by spouses and was rented out in 2023 FY, can they change the ownership proportion to 90% for the wife and 10% for the husband when preparing their 2023 income tax returns?
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Rental income needs to be declared in accordance with the ownership structure of the property. If you are joint tenants then it needs to be split 50/50. If you are tenants in common with a 90/10 ownership split, then the rental income can be split that way, but if not, then it can't. If you choose to transfer part of one spouse's interest to the other, then be aware there will likely be CGT and stamp duty implications
Hi @HOIMA,
No, you can't change the ownership proportion of a jointly owned property just for tax return purposes. The way rental income and expenses are divided between co-owners depends on the legal ownership structure of the property.
If you own the property as joint tenants, the income and expenses are split equally (50/50). If you're tenants in common, the income and expenses are divided according to each owner's legal interest in the property, as shown on the title deed.
When you complete your tax returns in myTax, you'll enter the total rental income and expenses for the property. If your ownership percentage is less than 100%, myTax will use your ownership percentage to calculate your share of the amounts.
You can't change the proportions to 90% and 10% unless the legal ownership of the property has actually been changed through a formal process. Changing legal ownership can trigger capital gains tax and stamp duty consequences.
You can find more information about co-ownership of property on our website.
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