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