Hi,
I am trying to get my head around how calculate my income if we have a negative geared property. Any comments on the workflow below is much appreciated.
When I calculated the income tax I used the calculator on this site http://www.paycalculator.com.au/
Total loan amount including stamp duty, fees etc: 420’
Assumed Interest rate: 6.8%
Rent: 410 pw
Income: 100000
Expenses:
Interest: 28560
Body corporate: 1800 per year
Rates including sewer and water: 2152
Property management (8%): 1710
Repairs: 1000
Landlord insurance: 350
TOTAL: 33572
Income:
Rent 410*52 = 21320
Cash shortfall: 14252
Depreciation 8000
TOTAL: 22252
New taxable income 100000-22252 = 77748 => Tax on 77748 => 14970
New income after tax: 100’ – 14970 – 14252 = 70778
Thanks,
johk
I am trying to get my head around how calculate my income if we have a negative geared property. Any comments on the workflow below is much appreciated.
When I calculated the income tax I used the calculator on this site http://www.paycalculator.com.au/
Total loan amount including stamp duty, fees etc: 420’
Assumed Interest rate: 6.8%
Rent: 410 pw
Income: 100000
Expenses:
Interest: 28560
Body corporate: 1800 per year
Rates including sewer and water: 2152
Property management (8%): 1710
Repairs: 1000
Landlord insurance: 350
TOTAL: 33572
Income:
Rent 410*52 = 21320
Cash shortfall: 14252
Depreciation 8000
TOTAL: 22252
New taxable income 100000-22252 = 77748 => Tax on 77748 => 14970
New income after tax: 100’ – 14970 – 14252 = 70778
Thanks,
johk
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