How is income taxed on a shared property?

My wife and I have a property registered in both of our names that we would like to rent out. Will this income be taxed in both of our names (i. E. 50% to each of us) even if the actual income is only deposited into my bank account?

You and your wife are required by SARS to both declare the total income on your return, deduct the expenses and then declare that you have a 50/50 partnership, SARS will then only take 50% of this income into account on either of your returns.