Worksheet

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.

Rental property worksheet

Income

Item	Amount
Rental income	$
Other rental related income	$
Gross rent	$

Expenses

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 (Gross rent less total expenses)	$

You cannot claim for these items if the expenditure is already included in body corporate fees and charges.

* From 1 July 2017, 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.

**From 1 July 2017, deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you cannot claim deductions.