Question on joint assessment. If I have read the following from the IRD website, there is no downside to electing joint assessment - if you don't benefit from joint assessment the IRD simply assesses you separately? In which case, is there any reason not to elect joint assessment?
Joint assessment can be advantageous for a married couple if the assessable income of one spouse is less than his or her tax allowance. If this is the case, you and your spouse should each complete a Tax Return - Individuals (BIR60) and elect joint assessment in part 4.4 and both you and your spouse have to sign in part 10 of each tax return. The election must be made on a yearly basis.
Under joint assessment, the incomes of the couples will be aggregated and the married person’s allowance or other allowances that the couple is eligible for will be deducted from the couple’s joint total income. This could result in some tax savings, and a notice of assessment will be issued. However, if joint assessment does not result in less tax, each spouse will receive a separate notice of assessment."