I have a rental property which was tenanted from July 2023 to end of May 2024 for 2024 FY. In June 2024, the lease of the tenant expired and they vacated the property. The property need much required repairs like painting work to internal walls, fixing minor wear and tear so we got this done in the month of June 2024 whilst the property was vacant. Even though we had the intention of renting the property out further due to ongoing repair and maintenance works, the real estate agent advised us against this and we only started advertising again in first week of July 2024 when the work was completed and the property available to be tenanted again. Will I be able to claim the expenses incurred in June 2024 month (repairs and maintenance, interest on loan) whilst the property was undergoing works and not tenanted despite our intention to rent it out later on? Please advise.
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Hi Vik84
Repairs and Maintenance expenses are costs you incur to:
- keep your property in a tenantable condition.
- Fix wear and tear or damage that occurs as a result of renting out your property.
To be a deductible expense, the property must either:
- Continue to be rented on an ongoing basis.
- Remain genuinely available for rent even if there is a short period where the property is unoccupied.
You can claim a deduction for repair and maintenance expenses in the income year you incur them.
You can claim interest expenses on the loan principal (mortgage) you use to:
- Buy a rental property.
- Buy a depreciating asset for the rental property.
- Pay deductible expenses.
You can also claim interest expenses:
- During the period you are repairing the damage to your rental property, making it uninhabitable while the repairs are taking place.
All replies
Hi Vik84
Repairs and Maintenance expenses are costs you incur to:
- keep your property in a tenantable condition.
- Fix wear and tear or damage that occurs as a result of renting out your property.
To be a deductible expense, the property must either:
- Continue to be rented on an ongoing basis.
- Remain genuinely available for rent even if there is a short period where the property is unoccupied.
You can claim a deduction for repair and maintenance expenses in the income year you incur them.
You can claim interest expenses on the loan principal (mortgage) you use to:
- Buy a rental property.
- Buy a depreciating asset for the rental property.
- Pay deductible expenses.
You can also claim interest expenses:
- During the period you are repairing the damage to your rental property, making it uninhabitable while the repairs are taking place.
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