Australia: Worked Example of Tax on Rent
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Tax Example: Rent
| Non-resident couple's joint monthly rental income1 | US$1,500 | |||
| Annual Rental Income | 18,000 | |||
| Less Costs2 | (10,781) | |||
| = Taxable Income | 7,219 | |||
| Income Tax Rates | ||||
| Up to AUD21,600 | 29% | 2,094 | ||
| AUD21,600 – AUD63,000 | 30% | - | ||
| AUD63,000 – AUD95,000 | 42% | - | ||
| Over AUD95,000 | 47% | - | ||
| = Income Tax Due | 2,094 | |||
| Annual Income Tax Due | US$2,094 | |||
| Tax Due as % of Gross Income | 11.63% | |||
Thanks to: |
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DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on December 14, 2006.
Notes
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner). Exchange rate used: US$1 = AUD1.674277.
2 Estimated values only. The following may be deducted: capital works deduction, real estate agent fee, body corporate charges (land tax, council rates and water charges), landlord’s insurance, repairs and maintenance.
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