Is storage space tax deductible?

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

Join Australia's most dynamic and respected property investment community
Tags:
  1. Teddy

    Teddy Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    47
    Location:
    Sydney
    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
     
    Teddy, 4th Jan, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,003
    Location:
    Australia wide
    Does it relate to the production of assessable income?
     
    Terry_w, 4th Jan, 2016
    #2
  3. Teddy

    Teddy Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    47
    Location:
    Sydney
    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):)
     
    Teddy, 4th Jan, 2016
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,003
    Location:
    Australia wide
    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.
     
    Terry_w, 4th Jan, 2016
    #4
  5. Teddy

    Teddy Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    47
    Location:
    Sydney
    Ahh well, worth a try ;)
    Thanks so much for your time!
     
    Teddy, 4th Jan, 2016
    #5
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,547
    Location:
    Sydney
    If it has a mixed use it may taint the strength of that nexus.
     
    Paul@PAS, 11th Jan, 2016
    #6