Rental Income - Assets and Liabilities

[Dave A]

My primary residence is joint-owned by my wife. We are married out of community of property (the old ante-nuptial and there is no accrual system). As an asset do I then declare half of the purchase value ... being "my half"?

I'm in the same boat, and that's exactly how we do it. Same goes for shared liabilities, like the bond on the property (even though I pay the entire bond instalment). Just as well funds moving between spouses doesn't attract tax, otherwise things could get messy...