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Worksheet

Last updated 7 September 2011

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

 

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 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.

Rental property worksheet

 

$

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 income or 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.

QC28002