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This booklet contains instructions, a worksheet and four Rental property schedules (schedule). The instructions and worksheet will help you complete your schedule(s).
Do you need to fill out a Rental property schedule?
If you have an interest in a foreign rental property, you do not need to fill out a schedule for it, because all your income from such a property is treated as foreign income, not rental income.
If you have an interest in a rental property in Australia you need to fill out a schedule.
You need to complete a separate schedule for each rental property you own or have an interest in, unless you have multiple rental properties on one title -for example, a number of flats in an apartment complex that is not under strata title. In such instances, show the details of all those properties on one schedule.
If you are a part-owner of a property, write on the schedule only information concerning your share of total rental income and total rental expenses.
Joint tenants who are not carrying on a business of property rental need to divide the total rental income and expenses for the property equally, as each tenant holds an equal share of the property.
Tenants in common may hold unequal shares in the property. If they are not carrying on a business of property rental, they divide the total rental income and expenses in line with their legal interest in the property.
For further assistance in completing your schedule, please refer to the publication Rental properties 2003 (NAT 1729-6.2003).
The following publications may also be useful:
- Deductions for prepaid expenses 2003 (NAT 4170-6.2003)
- Guide to depreciating assets 2003 (NAT 1996-6.2003)
- Taxation Determination TD 1999/42 -Income tax: do the principles set out in TR 98/22 apply to line of credit facilities?
- Taxation Ruling IT 2167 -Income tax: rental properties -non-economic rental, holiday home, share of residence etc. cases, family trust cases
- Taxation Ruling TR 93/7 -Income tax: whether penalty interest payments are deductible
- Taxation Ruling TR 93/32 -Income tax: rental property -division of net income or loss between co-owners
- Taxation Ruling TR 97/23 -Income tax: deductions for repairs
- Taxation Ruling TR 97/25 -Property development: deduction for capital expenditure on construction of income producing capital works, including buildings and structural improvements
- Taxation Ruling TR 98/22 -Income tax: the taxation consequences for taxpayers entering into certain linked or split loan facilities
- Taxation Ruling TR 2000/2 -Income tax: deductibility of interest on moneys drawn down under line of credit facilities and redraw facilities
- Taxation Ruling TR 2004/4 -Income tax: deductions for interest incurred prior to the commencement of, or following the cessation of, relevant income earning activities
- Taxation Ruling TR 2015/2 -Income tax: effective life of depreciating assets (applicable from 1 July 2014).
You can get these publications free from the Australian Taxation Office (ATO) or by ringing 1300 720 092 for the cost of a local call. Our website at ato.gov.au also provides access to ATO publications and general information on tax matters.
If you need additional copies of these instructions or the schedule, ring the Personal Tax Infoline on 13 28 61 for the cost of a local call.