In Part 4.2 of the Return, you must state the gross amount of rental income, without any deduction. Otherwise, income may have been understated. In Part 4.2 of the Return, you must state the gross amount of rental income, without any deduction. Otherwise, income may have been understated:
1. Rates agreed to be paid and actually paid by the owner;
2. A 20% statutory allowance for repairs and outgoings; and
3. Irrecoverable rent
Hence, only rates paid by the owners and irrecoverable rent can be claimed in Part 4.3 of the Return. You should not claim any deduction for say Government rent, building management fees, decoration expenses, repair expenses, rent-collection fees, commission, insurance and mortgage interests paid by you in Part 4.3 of the Property Tax Return. Deduction for mortgage interests incurred on the acquisition of the property can only be claimed by property owners who are eligible to and have elected for Personal Assessment.