Hi All
Our PPOR is in my name currently in WA. We rented it out in Jan 10 (its our only property) and we are renting in QLD. We got married in Nov 09.
Problem is its positively geared and as its in my name am I liable for the 100% of the tax due?
Her income is significantly lower than mine and we are about to have a baby so she will become a dependent as well later this year.
Whats the best way around it? Can i transfer it to my wife and use her tax free thresholds?
Thanks!
Our PPOR is in my name currently in WA. We rented it out in Jan 10 (its our only property) and we are renting in QLD. We got married in Nov 09.
Problem is its positively geared and as its in my name am I liable for the 100% of the tax due?
Her income is significantly lower than mine and we are about to have a baby so she will become a dependent as well later this year.
Whats the best way around it? Can i transfer it to my wife and use her tax free thresholds?
Thanks!