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You cant receive a refund greater than tax paid. A refund is just that - Refund of the taxes prepaid. eg employer withholding. A PAYG variation may be more practical.

Income tax is based on taxable income. Rental income and deductions affect taxable income. One IP can increase it if +ve geared and another may reduce it if -ve geared. In theory a taxpayer can have zero income from salary and create losses by ONLY having neg geared IP's. This occurs with...