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.

Example 22: Rental property worksheet

Income
Item	Amount
Rental income	$8,500
Other rental related income	$800
Gross rent	$9,300

Expenses
Item	Amount
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 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	$20,629
Net rental income or loss ($9,300 – $20,629)	$(11,329)

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

End of example

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.