Private ruling: Rental deductions
Date of advice: 5 September 2018
Published: November 2018
Ruling period: 30 June 20XX | 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Can you claim the loan interest in relation to a loan in joint names to purchase a rental property, where only one name appears as the owner of the property on the title deed? | A1: Yes. It is accepted that you are the legal owner of the rental property as Taxation Ruling TR 93/32.

Relevant facts and circumstances: You own an investment property in your name. You are solely responsible for making decisions with respect to the investment property. The bank loan is in joint names.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 8-1