tenants in common – Different legal interest in the property

Hi All

Myself and my partner would like to be joint owner of the our 1st IP purchase. Checking ATO website, we found out we may structure our purchase to have different legal interest in the property. I am on higher tax bracket and would benefit most if I can have 80% legal interest for negative gearing purpose.   

Can somebody please advise how can we be "tenants in common" to achieve above results. What are the present and future implication of such arrangement.

ATO Article –  http://law.ato.gov.au/atolaw/view.htm?docid=SAV/RENTAL04/00005

"Dividing income and expenses according to legal interest

Co-owners who are not carrying on a rental property business must divide the income and  expenses for the rental property in line with their legal interest in the property.  If they own the property as:

– joint tenants, they each hold an equal interest in the property

– tenants in common, they may hold unequal interests in the property – for  example, one may hold a 20% interest and the other an 80% interest.

Rental income and expenses must be attributed to each co-owner according to their legal  interest in the property, despite any agreement between co-owners, either oral or  in writing, stating otherwise."

Thanks

Aman