I have an investment property in Australia which is owned with my wife as tenants in common 99% me 1% my wife.
I have just been reading a book with a section regarding property ownership structures which states that
"Where assets are owned in Australia by a couple as tenants in common, that ownership structure is regarded as a partnership, hence a partnership taxation return must be filed".
Can anyone confirm this as it is the first time I have come across this. Do I have to file a partnership tax return in Australia and if so is this in addition to the personal tax returns myself and my wife have filed in the past?
Any guidance appreciated
Regs
I have just been reading a book with a section regarding property ownership structures which states that
"Where assets are owned in Australia by a couple as tenants in common, that ownership structure is regarded as a partnership, hence a partnership taxation return must be filed".
Can anyone confirm this as it is the first time I have come across this. Do I have to file a partnership tax return in Australia and if so is this in addition to the personal tax returns myself and my wife have filed in the past?
Any guidance appreciated
Regs
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