There are a number of issues involved . . . you would need to be registered for GST purposes first, then, the rental income would need to be inclusive of GST. Assuming this, then yes you would claim back the GST from the tax office on a quarterly or monthly BAS.
Remember though, if you sell that property, the sale could also be subject to GST too.
I understand there are a few things have to be in place to be able to reclaim GST, such as a registered business name, ABN
and the rental fees have to have GST component, which relates to the length of stay.
What I'd like to know more about, is whether the reclaimed GST is from the IP sale price GST or the received rental GST
The particular case is an IP for $470,000.
Rental income should be around $20,000 per year.
As I understand it you can only claim GST if it was added to the total purchase price......I suspect the agent would of used the margin scheme which is not an allowable deduction.
You can get an ABN without a business name and you can backdate your start up time ( not sure how far back but suspect it must be within that same qtr ).
The ATO website will tell you if the rent should include GST, on many things property related they seem to have a bet each way so maybe just asking them straight out and getting it in writing may be a good idea.