we have just bought properties in joint names , not realising it will put us in the top bracket for a whopping high land tax. will changing the ownership to tenants in common help or does it have to be unequally split as tenants in common
You don’t give the state of purchase.
Tenants in common and Joint tenants generally treated the same as most states assess the owner as one unit. In NSW the primary taxpayer = both of you. One threshold between you. If either of you own property separately then your share of the jointly owned property will count to the threshold for the second property.
Probably sounds confusing!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
In South australia , I have some properties in joint names with my husband and one in my name
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