  We report results obtained from six XMM-Newton observations of the Seyfert
galaxy 1H 0419-577. Here we show that the X-ray spectrum and variability are
well described by a two-component model comprising a power law with constant
spectral shape and variable normalisation and a much more constant ionised
reflection component from the inner accretion. One of the observations was
performed when the source was in a particularly low flux state in which the
X-ray spectrum is rather peculiar and exhibits a very flat hard spectrum with
broad residuals below 6.6 keV and a steep soft excess below about 1 keV. We
interpret the spectrum as being reflection-dominated by X-ray reprocessed
emission from the inner accretion disc. The primary continuum is almost
completely unobserved possibly because of strong light bending towards the
central black hole. The ionised reflection model simultaneously accounts for
the broad residuals and hard flat spectrum and for the soft excess. The same
model provides an excellent description of the data at all the other flux
levels, the most important difference being a variation in the power law
normalisation. Our results imply that most of the X-ray emission in this source
originates from within few gravitational radii from the central black hole and
requires that the compact object is an almost maximally spinning Kerr black
hole. (abridged)
