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Is storage space tax deductible?

Discussion in 'Accounting & Tax' started by Teddy, 4th Jan, 2016.

  1. Teddy

    Teddy Well-Known Member

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    If we hire storage space through for example Kennards, to store tools, curtains and other crap we collect/use for the IPs, would it be possible to claim it as a tax deduction?

    My house is getting full of stuff and we have no outside storage space.

    Thanks for the help
    Teddy
     
  2. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    Does it relate to the production of assessable income?
     
  3. Teddy

    Teddy Well-Known Member

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    If we didn't have the properties we wouldn't have the accumulated stuff, so yes , possibly, but your input is more than welcome. (Please):)
     
  4. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    That doesn't sound like a nexus between the storage and the income production. If you were in the business of supplying curtains (or crap) then maybe it would result in a deduction, but I don't see how your could connect he 2 at the moment.
     
  5. Teddy

    Teddy Well-Known Member

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    Ahh well, worth a try ;)
    Thanks so much for your time!
     
  6. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Member

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    If it has a mixed use it may taint the strength of that nexus.