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.
Example 22: Rental property worksheet
|
$ |
Income |
|
Rental income |
8,500 |
Other rental related income |
800 |
Gross rent |
9,300 |
Expenses |
|
Advertising for tenants |
48 |
Body corporate fees and charges |
500 |
Borrowing expenses |
259 |
Cleaning |
100 |
Council rates |
700 |
Deductions for decline in value |
796 |
Gardening/lawn mowing |
350 |
Insurance |
495 |
Interest on loan(s) |
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 |
20,629 |
Net rental income or loss |
-11,329 |
Note: You cannot claim for these items if the expenditure is already included in body corporate fees and charges. |
|
Rental property worksheet
|
$ |
Income |
|
Rental income |
|
Other rental related income |
|
Gross rent |
|
Expenses |
|
Advertising for tenants |
|
Body corporate fees and charges |
|
Borrowing expenses |
|
Cleaning |
|
Council rates |
|
Deductions for decline in value |
|
Gardening/lawn mowing |
|
Insurance |
|
Interest on loan(s) |
|
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 |
|
Note: You cannot claim for these items if the expenditure is already included in body corporate fees and charges. |
|