Basice questions about the ownership of a house

Viewing 8 posts - 1 through 8 (of 8 total)

williamwpy
Member
@williamwpy
Join Date: 2012
Post Count: 7
September 24, 2012 - 11:45 am
I am very new to this area and I have a very basic question. I read some posts saying that a property can be under the name of both husband and wife, does this mean that a property can have more than one owners?
For example, if my friend and I decided to buy a house together, can both of us be the owners of the property? If so, when disposing the house, how can we divided the disposal gain.
Hope someone can give some idea, thanks very much
William
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
September 24, 2012 - 11:55 am
Hi William
Yep, you can own a property with a friend. Any profits would generally be split in accordance with the percentage of ownership.
Cheers
Jamie
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Freckle
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@freckle
Join Date: 2012
Post Count: 1,680
September 24, 2012 - 12:01 pm
Read this
http://www.yourmortgage.com.au/article/buying-with-other-people-79400.aspx
williamwpy
Member
@williamwpy
Join Date: 2012
Post Count: 7
September 24, 2012 - 12:08 pm
Thank you Jamie very much for the reply and I really appreciate it.
I heard that when purchasing the house, you need to inform the ATO whether this property is for home purpose or is for renting purpose. Eventhough I do not physically live in the house and I rent it out. Can I still tell ATO this is for home purpose?
If my friend and I are both the owners of the property, can we claim for the First Home Owner Grant of 7000 per person.
William
williamwpy
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@williamwpy
Join Date: 2012
Post Count: 7
September 24, 2012 - 12:10 pm
Thanks for the article!
Rick sta
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@rick-sta
Join Date: 2011
Post Count: 120
September 24, 2012 - 12:25 pm
I wouldn't suggest claiming the FHOG and not fulfilling the requirements.
And in no way can you both claim the grant for the single property.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
September 24, 2012 - 12:36 pm
williamwpy wrote:
Thank you Jamie very much for the reply and I really appreciate it.
I heard that when purchasing the house, you need to inform the ATO whether this property is for home purpose or is for renting purpose. Eventhough I do not physically live in the house and I rent it out. Can I still tell ATO this is for home purpose?

William
This would be tax fraud.
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Mick C
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@shape
Join Date: 2010
Post Count: 1,099
September 24, 2012 - 1:09 pm
williamwpy wrote:
I heard that when purchasing the house, you need to inform the ATO whether this property is for home purpose or is for renting purpose. Eventhough I do not physically live in the house and I rent it out. Can I still tell ATO this is for home purpose?
If my friend and I are both the owners of the property, can we claim for the First Home Owner Grant of 7000 per person.
William
-No to the ATO question.
– The FHOG will only apply once in this situation, ie one grant only…
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