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 you need to remove a co-owner from a property, just submit a support ticket using the chat icon in your account, and we’ll take care of it for you.
