Some expenses are immediately deductible. These include:
Building, contents and public liability insurance
Advertising to secure tenants
Remember, you must incur these expenses - you can't claim them if your tenant pays them.
Other expenses are deductible over a longer period of time. For instance, borrowing expenses over $100 are deductible. But rather than making an immediate deduction, you spread the cost over the lesser of the period of the loan or five years.
You can also claim deductions for depreciating assets, using the diminishing cost method or the prime cost method.
According to the ATO, such assets include ovens, clothes dryers and ceiling fans. But there is an exception - if a single asset was $300 or less, you will claim a deduction immediately, rather than spreading it over a period of time.