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. A blank worksheet is also provided for you to work out your own net rental income or loss.
Example 23: Rental property worksheet
Item |
Amount |
|---|---|
Rental income |
$8,500 |
Other rental related income |
$800 |
Gross rent |
$9,300 |
Item |
Amount |
|---|---|
Advertising for tenants |
$48 |
Body corporate fees and charges |
$500 |
Borrowing expenses |
$259 |
Cleaning |
$100 |
Council rates |
$700 |
Deductions for decline in value |
$796 |
Gardening/lawn mowing |
$350 |
Insurance |
$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 |
$20,629 |
Net rental income or loss |
$(11,329) |
You cannot claim for these items if the expenditure is already included in body corporate fees and charges.
End of exampleRental property worksheet
Item |
Amount |
|---|---|
Rental income |
$ |
Other rental related income |
$ |
Gross rent |
$ |
Item |
Amount |
|---|---|
Advertising for tenants |
$ |
Body corporate fees and charges |
$ |
Borrowing expenses |
$ |
Cleaning |
$ |
Council rates |
$ |
Deductions for decline in value |
$ |
Gardening/lawn mowing |
$ |
Insurance |
$ |
Interest on loans |
$ |
Land tax |
$ |
Legal expenses |
$ |
Pest control |
$ |
Property agent fees/commission |
$ |
Repairs and maintenance |
$ |
Capital works deductions |
$ |
Stationery, telephone and postage |
$ |
Travel expenses |
$ |
Water charges |
$ |
Sundry rental expenses |
$ |
Total expenses |
$ |
Net rental income or loss |
$ |
You cannot claim for these items if the expenditure is already included in body corporate fees and charges.