Question

I am the smallest of all seven continents i am island south of the equator and Asia i am

Answer 1

Australia,
If you look at a real map you can see a small island located at the bottom, the farthest below Asia(South is the bottom of the compass). And Australia is also known to be the smallest of all continents at 7,617,930 square kilometers.

Answer 2

Australia ( may not be right because even though it is the smallest and south of the equator I don't know if it's an island.. maybe try to word the question differently and I can help more lol)

and I can help more lol)Explanation:

It is South of the equator, and the smallest in landmass, and is also an island.