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Item IT6 - Net rental property income or loss

See Income Test item 6 on the ATO website.

Label Y - Amount your rental property deductions exceed your rental property income

The loss you show at this item is the amount by which the deductions relating to the taxpayer's rental properties exceed the income from those properties.

Net Rental income and deductions worksheet (rpl)

To meet the ATO requirement to dissect income and deductions that make up this label, Tax provides a mandatory worksheet at this item to collect the values from rental income and deductions entered in the main return and into worksheets attached to the return including:

  • The Distribution worksheet at item 13 (a new field has been provided to collect distributions of this amount from the Partnership where the partnership return is in your ledger).

  • Item 20 label R - Foreign rental income or loss.

  • Item 21 Rental income or loss.

  • The low value pool deduction being claimed at D6 that relates to the rental income or loss.

The worksheet specifies each item and label from which amounts may be derived. To change a value at IT6 you need to change a value at a label or relevant worksheet as listed on the IT6 worksheet. See IT6 Net Rental income and deductions (rpl).

The amount calculated in this worksheet integrates to label Y if it is a loss.

To indicate a zero amount at label Y click the checkbox.

The value at this field is used in the determination of the individual's eligibility for offsets and liability for the Medicare levy surcharge. It is used in the following income tests:

  • Dependency offsets (T4, T6)

  • Senior and Pensioner Tax Offset (SAPTO) (T1)

  • Medicare Levy Surcharge

  • Deductions for superannuation contributions

  • Superannuation Contributions Tax Offset

  • Superannuation Co-contributions

  • Higher Education Loan Program Repayments

  • Trade Support Loan

  • Financial Supplement scheme repayments

  • Child Support obligations


Items IT1 to IT8 must have a value, even if zero. MYOB Tax will check IT5 and IT6 where income entered at various labels in the return have pre-filled the worksheets. For other items if there is no amount to be disclosed at these items, you must tick the checkbox for MYOB Tax to default a zero at those fields. [F3] validation message V2721 will be generated if this has not been done.

This checkbox is automatically selected for this item.

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