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  • V Did you have any sundry rental expenses?



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

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    Calculate your deductible sundry rental expenses and write the amount in the boxes provided. Do not show cents.

    What you need to know

    Include here all sundry rental expenses you incurred in deriving your rental income that you have not already included at labels D to U.

    If you have allocated an asset to a low-value pool and used the asset to produce your rental income, you do not show your deduction for its decline in value as a rental expense on this schedule or your tax return. You claim low-value pool deductions at a separate question in TaxPack.

    Sundry rental expenses may include electricity or gas charges; interest on loans used to purchase depreciating assets such as a refrigerator or hot water system; secretarial and bookkeeping fees; and bank charges on any account used to receive rental income or pay deductible rental expenses.

    Other sundry rental expenses you include at this label are such items as mortgage discharge expenses and lease document expenses. These expenses are discussed in Rental properties 2003.

    If you use a general operating account, you apportion account keeping fees and debits tax between your rental and other expenditure. You can claim a deduction only for the rental portion of those fees and taxes. You cannot claim a deduction for the portion relating to private expenditure. See example 1 and example 2 above and the apportionment examples in Rental properties 2003.

    Last modified: 20 Oct 2015QC 27495