Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your rental 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.