The following completed worksheet is an example of how to work out 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 33: 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 can't claim for items if the expenditure (for example, building insurance or lawn mowing) is already included in body corporate fees and charges.
Note 1: You may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.
Note 2: Deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you can't claim deductions.
End of exampleRental property worksheet
Income
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 and 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 can't claim for items if the expenditure is already included in body corporate fees and charges.
Note 1: You may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.
Note 2: Deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you can't claim deductions.
End of exampleContinue to: Other tax considerations