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Your accountant is correct. The purchase costs get added to the cost base - so only become tax deductible on the sale of the asset (if used as an IP the whole time). Although MI and loan est. fees get ded'd over 5 years, from memory - just check.

IP now & while it is ever an IP = all costs fully tax deductible. Tax deductability stops when you use it for private purposes = when you move in as your PPOR