429. Jointly-held property.

Income arising from property held in the names of individuals who:

  1.  

    (1)     are married to, or are civil partners of each other; and

  2.  

    (2)     are living together1 is treated for the purposes of income tax as income to which they are beneficially entitled in equal shares2.

However, this principle does not apply to the following exceptions3:

  1.  

    (a)     exception A: income to which neither of the individuals is beneficially entitled;

  2.  

    (b)     exception B: income in relation to which a declaration by the individuals of unequal beneficial interests4 has effect;

  3.  

    (c)     exception C: income to which Part 9 of the Income Tax