When buying a property, it’s important to buy the property in the correct name, as it can have a significant impact on both taxation and estate planning. Changing it later is difficult and may have unwanted tax implications. Personal ownership simply means that you own the property in your own name. If the property is an investment vehicle, you can claim any losses against your personal income under negative gearing laws. Joint tenants is one way of buying a property with another person. This structure means you both own the property “jointly and severally” and ownership and tax claims are shared equally. If one person dies, the property is automatically wholly owned by the survivor, with no need to transfer title. Tenants in common is another way of buying property as a couple. This structure allows the parties to determine fixed ownership shares, which could be 50:50, 1:99 or anywhere in between. Each party can deal with their share as they see fit, and their share of the property will go into their estate to be distributed on their death according to the terms of their Will. Company and trust ownership are ownership structures that are sometimes considered by high-income or high-net-worth clients. These can help to protect your assets and deliver tax advantages.