Hi there Waylo1, welcome!
Ok, let me preface by saying I am not an accountant, so this is just from personal experience… You can claimed all the money spent on holding the property (expenses) including interest, rates, management fees etc, above and beyond the rent received (income).  You can also claim the costs associated with the purchase (pest inspection, conveyancer, etc).
You may also be able to claim depreciation on any new items in the property for the duration of the tenancy – was the kitchen newly renovated or a new shed put on the property prior to you buying it.  Alternatively, if there is anything you plan to improve and are in the position to do so, maybe weigh up the option of doing it now so you can depreciate it for a while.
You will not pay capital gains tax on your home should you need to rent it out prior to selling unless it is rented out for longer than you lived iin it, and should that ever happen you can apply to transfer the cgt to you current home and then provided you live there for 7 yrs you will still avoid it!  CGT is very confusing – trying to get a straight answer about our particular situation showed me that.
I would strongly suggest getting a good accountant who invests in property.
Good Luck with it all