I am intending to open an equity loan for the purpose of investing in shares. My mortgage is in joint names with my wife and hence the bank will only allow us to open the equity loan under joint names.
As I am in the higher tax bracket and have a substantial capital loss to offset any future gains, my intention was to purchase shares using the equity loan under my name so I can claim the interest on the loan as a deduction.
Will it matter when tax time comes around that when I claim interest against the borrowings for shares held in my name that the equity loan is held under joint names?
I will call the ATO and check with an accountant, but wondering if anyone else out there have any comments?