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  • Net rental property loss

    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

    Things to know

    This section is about the net loss from any rental property you owned.

    It is not about capital gains or capital losses from your rental properties.

    Completing this section

    We will calculate the amount of your net rental property loss using the information you provide in your tax return.

    At Personalise return, you don't need to make a selection to show Income tests, as it's always displayed at Prepare return.

    At Prepare return, select 'Add/Edit' at the Income tests banner.

    At the Income tests heading:

    1. MyTax will show the net financial investment loss.
      If you want to see how we work this out, see Calculating net rental property loss.
    2. Select Save and continue when you have completed the Income tests section.

    MyTax will show your net rental property loss in the Income tests section.

    Calculating net rental property loss

    Based on the information in your tax return, we work out your net financial investment loss for you.

    If you want to know how we work it out, complete the worksheet below.

    Worksheet: Net rental property loss

    Row

    Calculation

    Amount

    a

    Foreign rental income – Gross income less Deductible expenses (show a loss as a negative).

    $

    b

    Managed funds – Your share of Total net foreign rent (show a loss as a negative).

    $

    c

    Rent – Net rent (show a loss as a negative).

    $

    d

    Partnerships – Partnership net rental property income or loss (show a loss as a negative).

    $

    e

    Loss details – Partnership: Deferred loss amount from carrying on a rental property business.

    $

    f

    Loss details – Sole trader: Deferred loss amount from carrying on a rental property business.

    $

    g

    Any other income – Assessable adjustment from low-value pool relating to rental property.

    $

    h

    Add all amounts from rows a to g.

    $

    i

    Low value pool deduction – Low value pool deduction relating to rental property.

    $

    j

    Partnerships – Partnership rental property deductions.

    $

    k

    Other deductions – Debt deductions incurred in deriving foreign rental income.

    $

    l

    Add all amounts from rows i to k.

    $

    m

    Take row l away from row h.

    If the amount is a negative, this amount is your Net rental property loss. Otherwise the amount will be 0.

    $

      Last modified: 01 Jun 2020QC 62376