What also needs to be remembered is that when the NZ rental property is included on Australian tax returns it needs to be prepared based on Australian tax law. You can not just take the figures off the NZ tax return and convert to $A. Often the Australian tax return version can result in a better tax position as while building depreciation can no longer be claimed on a NZ tax return it can be claimed on an Australian one. Most of the Australian depreciation specialists can prepare depreciation schedules on NZ properties through affiliations they have. Also any income tax paid in NZ can be claimed as a credit on your Australian tax return. Finally in relation to the CGT the cost base is the value in $A of the properties on the date you left NZ. As you have only been here 4 years and property in NZ has been pretty flat you may not have a CGT issue. Finally if one of your properties was a PPR in NZ the same 6 year rule applies as to if the property was in Australia, so this needs to be taken in to account. Basically I am saying lot's of things to think about, things may not be as bad as they seem, go and see an accountant. I think Terryw offers accounting services.