I would go for it.

It may be worth getting advice from an accountant for peace of mind, but just check that the accountant has experience dealing with investment properties (or even better has some themselves) - it is amazing the numer of accountants out there who give out incorrect information.

Also check out the ATO site - they have alot of useful info on there, and ringing the ATO direct is sometimes more helpful then the accountant - just be prepared to wait on hold for a while.