Just settled on first IP, what is tax deductable in the first year?

[tropic]

I am sure this has been discussed before. Perhaps someone can point me to the right direction, thread or key word I should use to search.
I just settled on my first IP, I like to know what I can claim this financial year ie:
- Stamp duty on the house (I was told this is only deductable when I sell the IP. Treated almost like a capital cost).
- Settlement agent cost.
- Bank cost like application fee, loan stamp duty, valuation fee, title search.
- Others

Thank you.

[Mry]

Cost in acquiring a rental property are typically not deductible. Cost in running a property typically are.

Stamp duty is not deductible, but can be written off when the property is sold. However, Stamp Duty paid in the ACT is fully tax deductible on the purchase of a new property.
Settlement agent costs are not deductible but can be written off when the property is sold.
Bank costs involved in getting a loan (eg stamp duty on mortgage, application fees) are written off over five years on a daily pro rata basis. If the costs were under $100 together they can be written off immediately but I haven't seen that for quite some time now.

Other running costs that are deductible (I cheated, I ripped this out of my tax software, hehe) -
Advertising for tenants
Body corporate fees (special purpose sinking fund costs are not tax deductible, admin funds are)
Cleaning
Council rates
Capital allowances (depreciation on plant) (Talk to a quantity surveyor about getting a report done on your property)
Gardening/lawn mowing
Insurance
Interest on loan(s)
Land Tax
Legal fees (not on the purchase or sale of the property, only on the running of it. For example, kicking out the tenants from hell)
Pest control
Property agent fees/commission (If you have an agent running the property, you can claim their charges.)
Repairs and maintenance (In the interests of brievity, I'll just say that this one is pretty complicated)
Capital works deductions (for most properties built after a certain time)
Stationery, telephone and postage
Travel expenses
Water charges

Most expenses that are not deductible can be claimed against the capital gain when the property is sold so keep a good record of them.

[Rixter]

I am sure this has been discussed before. Perhaps someone can point me to the right direction, thread or key word I should use to search.
I just settled on my first IP, I like to know what I can claim this financial year ie:
- Stamp duty on the house (I was told this is only deductable when I sell the IP. Treated almost like a capital cost).
- Settlement agent cost.
- Bank cost like application fee, loan stamp duty, valuation fee, title search.
- Others

Thank you.
Tropic,

All the answers can be found here online straight from the horses mouth :) Click on the printable version to download the pdf booklet to your pc and/or print it out.

http://www.ato.gov.au/individuals/content.asp?doc=/content/57273.htm

Cheers & Congrats on your 1st IP :)

[tropic]

Thanks guys for the info. This website is again proved to be very helpfull.
I was hoping that I could get more deductions this year.

[Rixter]

Thanks guys for the info. This website is again proved to be very helpfull.
I was hoping that I could get more deductions this year.

More deductions such as ??