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  • Worksheet

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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

    Amount

    Rental income

    $8,500

    Other rental related income

    $800

    Gross rent

    $9,300

     

    Expenses

    Amount

    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

    Rental property worksheet

    Income

    Amount

    Rental income

    $

    Other rental related income

    $

    Gross rent

    $

     

    Expenses

    Amount

    Advertising for tenants

    $

    Body corporate fees and charges

    $

    Borrowing expenses

    $

    Cleaning

    $

    Council rates

    $

    Deductions for decline in value

    $

    Gardening/lawn mowing (see note)

    $

    Insurance (see note)

    $

    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 loss

    $

    Note: You can't claim for these items if the expenditure is already included in body corporate fees and charges.

    Last modified: 26 Mar 2020QC 27741