When you add a property, you’ll be asked to enter the ownership percentage. This is important — it determines how income and expenses are split in your tax summary for any taxable property.
It is recommended to leave the ownership percentage unchanged even if you plan to move the property to another portfolio, such as from Owner Occupied to Investment Property. TaxTank automatically includes relevant transactions in the tax summary from the date of the move, ensuring accurate financial reporting without retroactive adjustments.
Made a mistake? Here’s how to fix it:
No stress. Updating ownership percentages is easy.
Go to the Property tab for the property.
Click the ‘Shared With’ dropdown.
Select the edit icon next to the co-owner’s name.
Update the ownership percentage and save.
Want to remove a co-owner completely?
If the ownership invitations are still showing as pending, you can remove them by heading to the Users menu and clicking the bin icon next to the pending invitation for the property. This will remove the pending invitation.
If your co-owner has already accepted the invite and you need to remove them or separate ownership, just head to the chat icon and submit a 'Remove Property Co-Owner' ticket.
Our team will take it from there and keep you updated directly through the chat.
