Things you need to know
This question is about the net loss from any rental property you owned.
This question is not about capital gains or capital losses from your rental properties.
Did you earn rental income, claim rental deductions, or receive a partnership distribution that included rental income or losses?
No |
Write 0 at question IT6 – label Y, then go to question IT7 Child support you paid 2023, or return to main menu Individual tax return instructions 2023. |
Yes |
Read on. |
What you need to answer this question
We will calculate the amount of your net rental property loss for you using the information you provide in your tax return.
Completing your tax return
To complete this question, follow steps 1 and 2 below.
Step 1
Complete worksheet 1 to work out your net rental property loss.
Any loss amounts in worksheet 1 must be shown as negative amounts (including any totals).
At row c write your share of net rental property income or loss from the partnership tax return statement of distribution.
At row d write the net income or loss from carrying on a rental property business which you take into account in working out the amount at question P8 – label Z of the Business and professional items schedule for individuals 2023. If this applies to you, then you should lodge your tax return using myTax or a registered tax agent.
If you are unable to use myTax or a registered tax agent, contact us and we will mail you a paper tax return and Business and Professional items schedule.
At row f write the total of the low-value pool deductions relating to your rental properties that you included at question D6.
Worksheet 1: Net rental property loss
Row |
Calculation |
Amount |
|---|---|---|
a |
Net foreign rent (from question 20 – label R) |
$ |
b |
Net rent (from question 21) |
$ |
c |
Share of net rental property income or loss |
$ |
d |
Net income or loss from rental property business |
$ |
e |
Add rows a, b, c and d. |
$ |
f |
Total of the low-value pool deductions |
$ |
g |
Any other deductions attributable to a rental property, including debt deductions at question D15 |
$ |
h |
Add rows f and g. |
$ |
i |
Take away row h from row e. |
$ |
Step 2
If the amount at row i in worksheet 1 is negative (that is, a loss), write that amount at question IT6 – label Y. Otherwise write 0 at label Y.
Where to go next
- Go to question IT7 Child support you paid 2023.
- Return to main menu Individual tax return instructions 2023.
- Go back to question IT5 Net financial investment loss 2023.