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And that $3,440 reduction in taxable income mean a larger refund of $1,187 (34.5%) So if we look at cashflows the property cost you $43 a week....If it increased in value 2% in the year that would have gone up $134 a week (b4 tax) Now imagine if that IP that had say a further $6K of...

Overthinking it. Just think of the rental income field in tax return as a subtotal. Within it you include all rental income LESS all rental deductions. = The total for that rental field. If its negative it lowers assessable income (and tax) (-ve geared). If its +ve its a pos geared outcome...