Hi again,
Thanks for your reply Elka. That link was what I was looking for but couldn't track doen on the ATO site. Yeah the property is CF+ and the tax is after all deductions. Unfortunately that 30 % was the 'cream'  and the property is now breaking even.
As my accountant hasn't gotten back to me yet I'm trying to find out if the tax I now pay is treated like regular income, ie. does part of it go to my HECS debt, when I put in a tax return on this small income does part of it come back as a refund etc, etc? That would soften the blow a little but still it kind of takes the sheen off things for me.
Anyway, I'm grateful to have the property and have had a good run with it so far.
Thanks again. This is a great site and forum,
Ben.