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Tax is only on the profit = after expenses such as interest, rates, depreciation etc.

I think you will find this only applies to property which has no connection with Australia. An example maybe shares in a foreign company, but land in Australia wouldn't fall into this category.

The rules regarding Land tax are more complicated than the CGT it seems. Absence from Principle Place of Residence Exemptions: Land Tax Management Act 1956 (NSW), Schedule 1A http://www.austlii.edu.au/au/legis/nsw/consol_act/ltma1956173/sch1a.html See also: Revenue Ruling No. LT 82 The...