The ATO released their summary FY15 data this week, and included quite comprehensive summaries of the range of costs those with rental properties have offset income. They also divide rentals into those functioning at a loss, and those who make a profit.
Of the 2.9 million rentals, 1.1 million made a profit, the rest a loss (which can be offset against other categories of income). That means 60% of rentals are under water.
We can also see the categories of costs claimed and the average amounts. Not all households claim all categories.
Significantly, the major factor between loss and profit is the interest amount. Those reporting a loss had bigger interest payments (presumably larger loans?). But it is also worth looking at the 20 categories (yes 20!!) which can be claimed. Behold the wonders of our generous tax system, and the reason why so many do not want it to stop.
