Hi I bought an IP on a bit of an impulse almost three years ago. I had been working at an extra part time job and my salary was climbing over $80,000 - so into a new bracket. Also, I had saved quite a bit and was going to be paying tax on the income from the savings account - horror! Anyway, I just did my tax spreadsheet, ready to send to my accountant and it looks like I only spent $500 more than the rental income, including all costs. Does that mean it is almost 'neutral' or have I misunderstood? (I was actually happy to be negatively geared!) My initial aim with the property was to bring taxable income down to $80,000 so I don't think that is going to work this year. The other aim was to get tenants to help pay off the property. Should I be doing something differently? The property was purchased for $565,000 in Cheltenham Vic, and I have paid $100,000 into the offset so far. (Own my very run down, semi construction site popr outright.) Unlike the other forum members, I'm not a sophisticated investor. I don't really have a plan (not super confident about investing).