The following completed worksheet is an example of how to calculate your net rental income or loss. Some of the figures have been drawn from the examples in this publication, others have been included for illustrative purposes.
Example: Rental property worksheet
Rental income |
$8,500 |
Other rental related income |
$800 |
Gross rent |
$9,300 |
Advertising for tenants |
$48 |
Body corporate fees and charges |
$500 |
Borrowing expenses |
$260 |
Cleaning |
$100 |
Council rates |
$700 |
Deductions for decline in value |
$597 |
Gardening/lawn mowing (see note) |
$350 |
Insurance (see note) |
$495 |
Interest on loans |
$11,475 |
Land tax |
$200 |
Legal expenses |
$150 |
Pest control |
$50 |
Property agent fees/commission |
$800 |
Repairs and maintenance |
$1,000 |
Capital works deductions |
$2,745 |
Stationery, telephone and postage |
$80 |
Travel expenses |
$436 |
Water charges |
$350 |
Sundry rental expenses |
$95 |
Total expenses |
$20,431 |
Net rental loss ($20,431 − $9,300) |
$11,131 |
Note: You can't claim for these items if the expenditure is already included in body corporate fees and charges.
End of example