The information below is from the Department of Finance website, as at 28th March 2012:
The First Home Owner Grant scheme commenced on 1 July 2000. Eligible applicants are entitled to a one-off $7000 grant, providing they meet the scheme’s eligibility criteria.
From 1 January 2010, there has been a cap on the total value of buying or building a home for which the first home owner grant will be payable. The cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
For more information on the First Home Buyer Grant, you can visit:
Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the tax depreciation of your investment property against your taxable income.
There are two types of allowances available: depreciation of Plant and Equipment, and Building Allowance. Plant and Equipment refers to items within the building like ovens, dishwashers, carpet, light fittings, blinds etc. Building Allowance refers to construction costs of the building itself such as concrete and brickwork. Both these costs can be offset against your assessable income.
If you would like further information regarding this, please contact your property manager.