Tax Benefits for NZ IP

Hi all,

I have recently settled on an IP in NZ while I am living and working in Australia.
This is my second IP in NZ.
I earn $70 p/wk rent off one and pay $106 repayments p/wk.
I earn $170 p/wk off the new IP and will pay $214 in repayments p/wk
so all up expenses $310- rent $240 = $70 weekly deficit.
I was told that I had no tax benefits on my NZ ip as I don't earn an income over there.
I know that I could set up a LACQ to offset one loss against another but I would need to be making a profit somewhere for that to be viable.
I read in this months API (P.72) "Your net rent income from the overseas property is determined according to australian tax law and included as foreign income in your aust tax return, with a credit for any tax paid. This foreign tax credit can only be used to meet the Australian tax due on foreign income of the same class….there is an exception to this rule, in that the interest and borrowing costs that relate to overseas property can be offset against Australian income if the income from the property, after deducting all other expenses, isn't enough to cover the interest and borrowing costs.

Does this mean that I can claim a loss on my australian income if my NZ IP is running at a loss (which it is)?
Can anyone clarify this for me?
Also does anyone know of a good accountant who handles NZ and Aus tax returns for investors?

Thanks for your time,
Emma