Rental Income

[con1974]

Hi,

I have rental income and am jointly assessed with my wife who doesn't work.

Using ROS if I put the rental income under my name we have a liability. If I put it under my wife's name we're due a refund.

The rental property is in my name, mortgage is in my name.

Can I choose which of us gets the rental income to reduce the amount of tax owed?

 

[Joe_90]

No.

 

[con1974]

Thanks. I didn't think so.

 

[Gordon Gekko]

If it's mortgage free, why not transfer it to her?

 

[cremeegg]

Will your wife qualify for an old age pension, either a contributory pension from previous work or a non-contributory pension.

If not putting the rental income in her name will build up an entitlement to a contributory pension. This is potentially very valuable.

It may require that you add her name to the deeds and/or the mortgage, but could be well worth while.