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
Income
$
Rental income
8,500
Other rental related income
800
Gross rent
9,300
Expenses
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*
350
Insurance*
495
Interest on loan(s)
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
* You can’t claim for these items if the expenditure is already included in body corporate fees and charges.
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