Example rental property worksheet
The following worksheet is a complete example of how to work out your net rental income or loss. Some of the figures are from the examples in this publication, others are for illustrative purposes.
We also provide a blank worksheet for you to work out your own net rental income or loss.
Example 33: rental property worksheet completed
|
Item |
Amount |
|---|---|
|
Rental income |
$8,500 |
|
Other rental related income |
$800 |
|
Gross rent |
$9,300 |
|
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
|
−$11,329 |
You can't claim for items if the expenditure (for example, building insurance or lawn mowing) is already included in body corporate fees and charges.
Note 1: 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 assetsExternal Link.
Note 2: Deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you can't claim deductions.External Link
End of exampleRental property worksheet
Use the blank worksheet below to work out your net rental income or loss.
Rental property worksheet (blank)
|
Item |
Amount |
|---|---|
|
Rental income |
$ |
|
Other rental related income |
$ |
|
Gross rent |
$ |
|
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 and 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
|
$ |
You can't claim for items if the expenditure is already included in body corporate fees and charges.
Note 1: 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 assetsExternal Link.
Note 2: Deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you can't claim deductionsExternal Link.
End of exampleContinue to: Other tax considerationsExternal Link
Return to: Keeping rental property recordsExternal Link