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Foreign rental property worksheet

Use the foreign rental property schedule to calculate foreign rental income at Item 20 in an Individual tax return.

The Foreign rental property worksheet is available in 2024 and 2025 individual tax returns.

In Practice Compliance, you can create up to 10 foreign rental property schedules and share rental income with other Individual returns.

The share of Total income, Total deductions and Foreign tax paid amounts are:

  • used to calculate the amounts Item 20,

    • Label E assessable foreign source income,

    • Label R net foreign rent and

    • Label O foreign income tax offset.

  • lodged to the ATO as part of the Income details schedule.

This worksheet also integrates if you have an Other Foreign income schedule, and will populate with type Foreign rental income. Alternatively, you can directly enter the foreign rental amounts in the Other foreign income worksheet.

Accessing the foreign rental schedule

You can access the foreign rental schedule from the Tax workpapers & schedules drop-down, select Foreign rental property schedule, or at Item 20 select Related schedules and worksheets.

If there is more than one rental property, the property address will be displayed.

Integration from other worksheets

The following worksheets integrates into the foreign rental property worksheet:

  • Tax depreciation

  • Borrowing expenses

Exchange rate

The exchange rate is required to calculate the Australian dollar gross income. If income or expenses are known in Australian dollars, simply enter 1.0.

See the ATO's website for the published foreign exchange rates.

Private use

If you've entered the Private use percentage, it will be applied to all expenses. You can also use the Private use amount field to enter a private use amount for certain expenses.

Editing the Ownership share and Private use

Use the pen icon to edit the Ownership share and Private use fields where the values were automatically. To reset the value, click the reset icon.

Sharing the rental property schedule

Before you begin

  • Make sure the tax return you're sharing has In Progress status. You cannot share the data to a return with a status Approved or Lodged.

  • You can share rental property data between individual returns only.

  • If you're selecting a rental owner from a list of your existing clients, open their return and make sure it is updated. Otherwise, you'll see an error Unexpected error when updating forms form this client. Please check the schedules and try again

  1. Select Add owner details from associations or contacts if you want to select from your client list or to add the details manually, select Add owner details.

  2. Complete the details if entering data manually or check the details if selecting from your existing client list.

  3. Select Share data to other owners.
    The foreign rental property schedules are auto-created using the first line of the rental property address. If there's a schedule with the same address, it will be overwritten.

  4. In the Share rental property data window, select Share to selected. The rental property schedule will automatically be created in other owner's returns and the income and other details will be shared.

  5. If you see 'Action required' section in the Share rental property data window, fix the error as per the description (you can do this in another browser tab) and then select Refresh list.

FAQs

  • How can I create multiple foreign rental property?

    You'll need to add a rental schedule for each property you want to add. The ATO accepts a maximum of ten other foreign income records, including foreign rental property income.

  • Can I share with an owner who is not in my database?

    Yes, you can add an owner who is not your client for reference.

  • Can I edit data on all the returns shared?

    Data can be edited in any return that has been shared into, and then click Share data into other returns to update.