Did you get a depreciation report done by a quantity surveyor for the investment property or was this done by the Accountant?
Do you go and see the Accountant or can you email documentation to them so the Accountant doesn’t need to be in the Casey area?

Also think about the credit card fees.  Some rates and other utilities charge fees if you pay by credit card.  Weigh up the cost of the credit card fees against the amount of points you get. 

As you are an Australian resident you need to declare any overseas income on your tax return.  In the Australian Taxation Office's Tax Return Supplement publication there is a section on Foreign Income.  It says that you include the Income, less any deductions, which means you are going to show a loss on your tax return. 

I am a Property Accountant and have done several Income Tax Withholding Variation forms for clients.  There are some common mistakes that people make when they do it on their own, but it isn't overally hard.  When people have several investment properties in joint names they find it easier to have someone else do it.  <moderator: delete advertising>

Do your research on builders.  There have been some bad experiences with builders on the Gold Coast for some people and they have been waiting for years for their house to be built and then they have been leaking with all the rain we've had.

Something else to consider may be whether the fibro house contains asbestos.  If you are thinking of knocking it down in the future then you may need specialised people to do it.

I use EBM Insurance. 

There is no GST on residential rent.  Normally you wouldn't provide an invoice for residential rent.  I have seen where some people provide an Invoice/Statement for residential tenants and the invoice/statement has their details on it and their tenant's details on it.  There is no need for an ABN on the invoice and it doesn't need to state whether it has GST included in the amount.  The tenant may not even be registered for GST.
On another point, does the local council allow someone to run a business from the property.

You should also take into account the total purchase cost.  This is the purchase cost of the property plus stamp duty, solicitors fees, other legal costs, etc.

Thanks for the article Jamie.

I have had a few interest only loans come up for expiry this year and contacted my banks and got extensions and a better interest rate with no paperwork.  Very happy with that.