• 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: 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 loss ($20,629 - $9,300)

    11,329

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

    Rental property 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

    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 loss (Gross rent less total expenses)

     

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

    Last modified: 30 Jun 2009QC 27913