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Where do I declare the bond amount on rental income?

Posted 4 November 2015 under Tax Q&A


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Justin says:
30 October 2015 at 16:36

I'm stuck in the section where I declare the rental income for a house I was renting out. I don't see where I put total I spent on the bond to justify that it was a loss against the rental income and the expenses incurred. Where do I do that?

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TaxTim TaxTim says:
30 October 2015 at 17:05

You can only include the interest paid on the bond, under the finance charges question.

Justin says:
31 October 2015 at 8:43

OK thanks, I have another question. I owned the property with my ex-wife. Do I put half the expenses and rental income in or do I put the full amount in and then select the "this business is a partnership" option?

TaxTim TaxTim says:
1 November 2015 at 18:44

You would put the 50% that belongs to you.

Justin says:
3 November 2015 at 16:48

Thanks. In reference to the question below:

"Did your rental create a profit or a loss for you? If you made a profit, please enter 2532. If you made a loss, please enter 2533."

Is this just referring to the rental income or overall profit / loss, as just the rental income I made a small profit but with all the expenses it was definitely a loss. Also, I sold the house so where do I specify this for CGT?

TaxTim TaxTim says:
4 November 2015 at 8:50

This would be a loss or profit after all expenses.

CGT has it's own section on the tax return. Click on the SETUP button on the left hand side under the Tim picture and include the CGT section to complete.


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