Address of Rental Property - Country Name: This field should be left blank. Country name of rental property address Address of Rental Property - Country Code: Enter the country code a per the allowable codes listed in the taxonomy. The rental property must be located within Australia. Country code of rental property address Address of Rental Property - Currency Code: The currency code should be set to C for Current. This is a mandatory field. Currency of rental property address Address of Rental Property - Street Name and Number: Enter the street name and property number of the address of the rental property . This is a mandatory field. Address line 1 of rental property Address of Rental Property - Street name and Number: Enter Line 2 of the address of the rental property. Address Line 2 of Rental Property Address of Rental Property - Street Name and Number: This field should be left blank. Address Line 3 of Rental Property Address of Rental Property - Street Name and Number: This field should be left blank. Address Line 4 of Rental Property Address of Rental Property - Suburb/Town: Enter the suburb/town of the address of the rental property. This is a mandatory field. Suburb or town of rental property Address of Rental Property - Overseas Address Indicator: This field must be set to FALSE as the rental property address must be within Australia. This is a mandatory field. Rental property address overseas indicator Address of Rental property - Postcode: Enter the postcode of the address of the rental property. Must be between 0200..9999. This is a mandatory field. Postcode of rental property Address of Rental Property - State: Enter the name of the State/Territory of the address of the rental property as per the allowable codes listed in the taxonomy. This is a mandatory field. State or Territory of rental property Organisational Name Type: The organisation name type code should be set to MN for Main or legal. This is a mandatory field. Organisational Name Type Entity Name: Enter the name of the entity. This is a mandatory field. Entity name Address of Rental Property - Usage Code: The usage code for the rental property address should be set to IVP for Investment Property. This is a mandatory field. Usage code for rental property address Date property was purchased: Enter the date (day, month, year) the property was purchased. This is a mandatory field. Date property was purchased Date property was sold (if property disposed of during year): Enter the date (day, month, year) the property was sold (if the property was disposed of during the current year). Date property was sold if applicable Has the loan for the property been renegotiated this year?: If the answer to this question is Yes then set the field to TRUE. Otherwise set the field to FALSE. This is a mandatory field. Has the loan been renegotiated this year? What is the entity's % ownership of the property ? : Enter the entity's percentage share of ownership of the property. This is a mandatory field. The entity's percentage ownership of the property Date property first earned rental income: Enter the date (day, month, year) the property first earned rental income. The date the property commenced to earn rental income does not have to be in the income year to which this schedule relates. For example, if the property was purchased on 1 September 1999 but did not derive any rental income until 20 January 2000, inform the relevant field with ‘20 01 2000’ to demonstrate the first date that the property first earned rental income. Another example is if your property was first available for rent on 11 June 2000 but you did not derive rental income until 1 September 2000, inform the relevant field with ‘01 09 2000' to demonstrate the first date that the property first earned rental income. This is a mandatory field. Date property first earned rental income Number of weeks property was available for rent this year: Enter the number of weeks property was available for rent in the current year. This is a mandatory field. Number of weeks property was available for rent this year Number of weeks property was rented this year: Enter the number of weeks the property was rented in the current year. This is a mandatory field. Number of weeks property was rented this year Land Tax: Calculate the deductible Land Tax expenses and enter the amount of Land Tax incurred on the rental property. Land tax Stationery, telephone, and postage: Calculate the deductible stationery, telephone and postage expenses and enter the amount paid for stationery, telephone, and postage relating to the rental property. Travel expenses Entity Income Type: Enter the code to identify the entity income type. Valid codes are: - 161 for Partnership, or - 212 for Trust. Entity type Property agent fees/commission: Calculate the deductible property agent fees or commission and enter the amount paid to the property agent/s for managing and inspecting the rental property. Property agent fees/commission Body corporate fees: Calculate the deductible body corporate fees and enter the amount paid to the body corporate as fees. An expense can only be claimed once. If body corporate fees cover expenses that can be shown elsewhere on the schedule – for example, maintenance of the gardens and insurance on the building – inform with the total amount of fees at the Body corporate fees field. Do not show these amounts twice by including them at Body corporate fees and also at gardening/lawn mowing or insurance. Body corporate fees Borrowing expenses: Calculate the deductible borrowing expenses and enter the amount of expenses directly incurred in taking out a loan. These expenses are those directly incurred in taking out a loan for the property. They include establishment fees, stamp duty charged on registration of a mortgage, title search fees and costs for preparing and filing mortgage documents. They also include other costs that the lender requires as a condition of lending the money for the property, such as the costs of obtaining a valuation or lenders mortgage insurance. If the total for these items is greater than $100, apportion the cost over five years or the term of the loan, whichever is shorter. If your total is $100 or less, deduct the entire amount in the year the cost is incurred. If the loan was obtained part-way through the year, apportion the deduction for the first year according to the number of days. Borrowing expenses Capital works deduction (special building write off) : Enter the amount of capital works deductions (special building write off). Calculate the total deduction amount for capital works for an income year for rental property. Capital works deductions may be available for capital expenditure on the construction of buildings and structural improvements and extensions, alterations or improvements to either of those. A percentage of that expenditure may be eligible as deduction. Capital works deductions are not available for expenditure on plant. Capital works deductions (special building write off) Cleaning: Calculate the deductible cleaning expenses and enter the amount of expenses incurred in cleaning of the rental property. Cleaning Council Rates: Calculate the deductible council rates and enter the amount of council rates incurred of the rental property. Council rates Gardening/lawn mowing: Calculate the deductible gardening and mowing expenses and enter the amount incurred in gardening/lawn mowing of the rental property. Include ongoing garden maintenance and lawn mowing expenses. Do not include garden improvements or new landscaping works. Do not include gardening fees if they were part of body corporate fees and have been claimed at body corporate fees. Gardening/lawn mowing Insurance: Calculate the deductible insurance expenses and enter the amount of insurance paid on the rental property. If insurance premiums relating to the rental property were paid, these can be claimed as a deduction. Do not include any insurance premiums that were paid as part of body corporate fees already claimed at body corporate fees. Insurance Legal Fees: Calculate the deductible legal expenses and enter the amount of legal fees incurred on the rental property.Some legal expenses incurred in producing rental income are deductible, for example, the cost of evicting a non-paying tenant or recovering unpaid rent. Most legal expenses, however, are of a capital nature and are therefore not deductible—including costs of resisting land resumption, purchasing or disposing of your property, and/or defending your title to the property. Legal fees Interest on Loans: Calculate the deductible interest expenses and enter the amount of interest on the loan on the rental property. If a loan was taken out to purchase a rental property or to finance the cost of repairs or renovations to a rental property, the interest on that loan may be claimed as a deduction for the period during the year the property was used or held for income-producing purposes (for example, when it is rented or available for rent or undergoing repair or renovation for the purpose of making it available for rent). If the property ceases to be used for income-producing purposes, the interest on the loan will no longer be deductible. If only part of the loan was for the rental property, only the interest for that part can be claimed. Refer to the apportionment examples in the booklet Rental Properties for further guidance. Do not include the following in this category, that is, interest on loans taken out to purchase depreciating assets for your rental property—for example, a refrigerator (include such amounts at Sundry rental expenses) or borrowing expenses which are directly incurred in taking out a loan for the property (see Borrowing expenses). Interest on loans Advertising for tenants: Calculate the deductible advertising expenses and enter the full amount of the costs involved in the advertising for tenants. Advertising for tenants Stationery, telephone, and postage: Calculate the deductible stationery, telephone and postage expenses and enter the amount paid for stationery, telephone, and postage relating to the rental property. Stationery, telephone and postage Pest control: Calculate the deductible pest control expenses and enter the amount paid for pest control on the rental property. Pest control Value of capital allowances (depreciation on plant) recouped on the sale of the property: Enter the amount of value of capital allowances (depreciation on plant) recouped on the sale of the property.Calculate the balancing adjustment amounts included in assessable income when a balancing adjustment event occurred for a depreciating asset. If you sell, or cease to hold or to use a depreciating asset, a balancing adjustment event will occur for the asset. If there is a balancing adjustment event, work out the balancing adjustment amount. You work out the balancing adjustment amount by comparing the asset’s termination value (such as the proceeds from the sale of the asset) and its adjustable value at the time of the balancing adjustment event. If the termination value is greater than the adjustable value, you include the excess in your assessable income. For more information about balancing adjustments, see the Tax Office publication Guide to depreciating assets. Value of capital allowances recouped on the sale of the property Repairs and maintenance: Calculate the deductible repairs and maintenance expenses and enter the amount incurred on repairs and maintenance of the rental property. Expenditure incurred for repairs to and maintenance of the property can be claimed or depreciating assets, for example, a washing machine used in the rental property. Repairs must relate to wear and tear or other damage which occurred as a result of renting the property. The costs of improving, adding to or altering a rental property are of a capital nature and are not deductible. These costs may be claimed as part of capital works deductions (special building write-off). Repairs and maintenance Sundry rental expenses: Calculate the deductible sundry rental expenses and enter the amount incurred on sundry expenses associated with the rental property. Include all sundry rental expenses incurred in deriving your rental income not already included at other labels. If an asset has been allocated to a low-value pool and used to produce rental income, do not show the deduction for its decline in value as a rental expense on this schedule or tax return. Low-value pool deductions are claimed separately. 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 to include at this label are such items as mortgage discharge expenses and lease document expenses. If a general operating account is used, apportion account keeping fees and debits tax between your rental and other expenditure. A deduction can only be claimed for the rental portion of those fees and taxes. A deduction for the portion relating to private expenditure cannot be claimed. Sundry rental expenses Water Charges: Calculate the deductible water charges and enter the amount incurred on water charges for the rental property. Water charges Capital gain/loss on sale of this property: Calculate the amount of capital gains or loss from the sale of the property and enter the amount calculated. Capital gain or loss on the sale of this property Rental Income: Calculate and enter the full amount of rental income paid by tenants. Do not reduce the figure by deducting agent’s commission or other costs. This is a mandatory field. Rental income Net rent: Deduct total expenses from the gross rent and enter the result of net rent of the rental property. If the total expenses are greater than gross rent, a rental loss has been made. This is a mandatory field. Net rent Other rental related income: Calculate other rental-related income and inform the relevant field of the amount of any other rental related income. Other rental-related income includes compensation for lost rent (for example, an insurance payment), rental bond money you retain to cover outstanding rent or because of damage to the property, or letting or booking fees, reimbursements and recoupments, such as reimbursements by tenants for the cost of repairs to the property. Other rental related income Capital allowance (depreciation on plant): Enter the amount of capital allowances (depreciation on plant).Calculate the total amount of the deduction for decline in value for an income year of depreciating assets the taxpayer held for any time during the income year for rental property. The amount you can deduct is reduced to the extent your use of the asset is for other than a taxable purpose. You work out your deduction for the decline in value of a depreciating asset using either the prime cost or diminishing value method. Both methods are based on the effective life of the asset. Capital allowances (depreciation on plant) Purchase price of property: Enter the purchase price of property. This is a mandatory field. Purchase price of property Sale price of property: Enter the sale price of the property. Sale price of property Value of capital works deduction (special building write-off) recouped on the sale of the property: Calculate and enter the value of capital works deductions (special building write-off) recouped on the sale of the property. Tax agents who lodge partnership or trust tax returns through ELS complete the Partnerships and trusts rental property schedule if the 'Rent' item is completed. You do not have to complete that schedule if you are lodging a paper version of the partnership or trust tax return. Value of capital works deductions recouped on the sale of the property RSPTLodgeRequest [Abstract] ReportingParty Primary Items [Abstract]