Rental properties schedule and instructions 2003
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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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This booklet contains instructions, a worksheet and four Rental property schedules (schedule). The instructions and worksheet will help you complete your schedule(s).
Do you need to fill out a Rental property schedule?
If you have an interest in a foreign rental property, you do not need to fill out a schedule for it, because all your income from such a property is treated as foreign income, not rental income.
If you have an interest in a rental property in Australia you need to fill out a schedule.
You need to complete a separate schedule for each rental property you own or have an interest in, unless you have multiple rental properties on one title -for example, a number of flats in an apartment complex that is not under strata title. In such instances, show the details of all those properties on one schedule.
If you are a part-owner of a property, write on the schedule only information concerning your share of total rental income and total rental expenses.
Joint tenants who are not carrying on a business of property rental need to divide the total rental income and expenses for the property equally, as each tenant holds an equal share of the property.
Tenants in common may hold unequal shares in the property. If they are not carrying on a business of property rental, they divide the total rental income and expenses in line with their legal interest in the property.
For further assistance in completing your schedule, please refer to the publication Rental properties 2003 (NAT 1729-6.2003).
The following publications may also be useful:
You can get these publications free from the Australian Taxation Office (ATO) or by ringing 1300 720 092 for the cost of a local call. Our website at ato.gov.au also provides access to ATO publications and general information on tax matters.
If you need additional copies of these instructions or the schedule, ring the Personal Tax Infoline on 13 28 61 for the cost of a local call.
Last modified: 20 Oct 2015QC 27495