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Completing the Rental Schedule

To complete the rental income and expenses for individual tax return see Rental Income and Expenses (Individual returns only).

Other return types

Dissecting income and expenses

If, for record keeping purposes, you need to dissect individual income and expense amounts, click [Alt+S] at any of the labels to open a Dissection Grids. Entries made in the grid will be totalled and the total integrated to the relevant field in the Rental schedule. When printing the schedule the dissection details will always be printed as part of the schedule.

Rental Property details

Address of Rental Property

Three lines are provided for the address:

  • 2 lines for the Street address

  • 1 line for the Suburb/town, State in which the property is located and Post code. Press [F10] in the State field to choose from a list of valid Australian state codes.

Acquisition and Disposal details

These fields are mandatory for Rental Schedules attached to Partnership and Trust returns. For Individual returns they are for record keeping purposes only at this stage.

Amounts of income and expenses should be entered in the Amount column of the host schedule. The apportioned shares are calculated and displayed in the Share column of the host and destination schedules when the Share icon or [F8] is selected in the host schedule.

Partnership and Trust Returns only

The Rental schedule in a Partnership and Trust return requires the following extra information for each property:

  • Number of weeks property was available for rent this year

  • The entity's % ownership of the property

  • Date property was purchased

  • Purchase price of property

  • Date property was sold (if property disposed of during year)

  • Sale price of property (if property disposed of during year)

  • Capital gain/loss on sale of this property

  • Value of capital allowances (depreciation on plant) recouped on the sale of the property

  • Value of capital works deductions (special building write-off) recouped on the sale of the property

  • Has the loan for the property been renegotiated this year

Date property first earned rental income: This does not have to be a date in the current income year. For example if the property was acquired on 6 January, 1998 and first started to earn rental income on 20 February 1998, the date to be entered at this field would be 20/02/1998.

Rented from: to: These dates must be in the current year and relate to the period during which the property was rented in the current tax year. They are insertable fields allowing for different periods of rental. Tax will calculate the number of weeks from as many sets of dates as are entered. To insert a set of date fields, click [Alt+I] or click the Insert icon the Header bar.

Number of weeks property was rented this year: This figure will be calculated from the sets of dates entered in the previous fields.

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