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Generally with rental properties, it should be possible to claim an i妹妹ediate deduction for the costs of repair if you were simply restoring the property back to its original state before the damage happened. However in your particular case, you only owned the property for very short of time before the damage occurred and in my opinion, the cost of repairs would not be deductible. It would be part of the CGT cost base of your property. You are not likely to be able to claim a deduction under the capital works deduction either.
TD 98/19 confirms the initial repair is to be included in the CGT cost base of the property:
http://law.ato.gov.au/atolaw/view.htm?locid=txd/td9819/nat/ato
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