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Worksheet

Last updated 22 October 2009

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)

Note: 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 − total expenses)

$

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

QC27952