17 February 2013 at 16:01
You would compile a spreadsheet of all the income earned from renting the place out and then include all related expenses.
1. Only the interest on the bond would be allowed as a deduction against this income.
2. Levies, rates and all maintenance would be allowed as a deduction.
3. Any other related expenses on the property would be allowed as a deduction.
Then calculate whether you are making a profit or a loss and include that in your income tax return under the "local business" section.