• Worksheet

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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

     

    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

    260

    Cleaning

    100

    Council rates

    700

    Deductions for decline in value

    597

    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

    20,431

    Net rental loss ($20,431 - $9,300)

    11,131

    * You can't claim for these items if the expenditure is already included in body corporate fees and charges.

    Last modified: 04 Dec 2006QC 27520