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Worksheet – work out your net rental income or loss

Last updated 6 February 2023

The following completed worksheet is an example of how to work out 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 33: 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
(see Note 1)

$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
(see Note 2)

$436

Water charges

$350

Sundry rental expenses

$95

Total expenses

$20,629

Net rental income or loss
($9,300 minus $20,629)

-$11,329

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

Note 1: From 1 July 2017, you may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.

Note 2: From 1 July 2017, deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you cannot claim deductions.

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
(see Note 1

$

Gardening/lawn mowing

$

Insurance

$

Interest on loans

$

Land tax

$

Legal expenses

$

Pest control

$

Property agent fees and commission

$

Repairs and maintenance

$

Capital works deductions

$

Stationery, telephone and postage

$

Travel expenses
(see Note 2)

$

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.

Note 1: From 1 July 2017, you may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.

Note 2: From 1 July 2017, deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you cannot claim deductions.

End of example

Continue to: Other tax considerations

QC68022