I bought my unit in New Zealand with a loan from a bank in NZ and a loan from a bank in Oz. Where do I fill the income and expenditure for this property in the Aussie tax return?
You need a supplementary income form see http://www.ato.gov.au/content/downloads/IND00138946n26770608b.pdf
question 20 then this goes into question 12 section iAny tax paid in new zealand has to be added back to the income so it is the non new zealand taxed rental income
Read http://www.ato.gov.au/large/content.asp?doc=/content/34783.htm&page=3&H3
and it will explain that you have to deduct the expenses directly related to earning the rental income from the rental income to come up with the final rental income.
You can't negative gear a foreign investment against an Australia salary
see http://www.ato.gov.au/individuals/content.asp?doc=/Content/21731.htmHope this helps work out what you need to do.
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