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Edited version of your written advice
Authorisation Number: 1012675527683
Ruling
Subject: Deduction for storage unit
Question
Are you entitled to a deduction for the cost of leasing a storage unit?
Answer
Yes.
This ruling applies for the following period
Year ended 30 June 2014
The scheme commenced on
1 July 2013
Relevant facts
You are a teacher.
You have leased a storage unit to hold the teaching aids that you do not have room to store at home.
You do not keep any personal items in the storage unit.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 8-1
Reasons for decision
Section 8-1 of the Income Tax Assessment Act 1997 allows a deduction for any losses or outgoings to the extent to which they are incurred in gaining or producing assessable income except to the extent outgoings are of a capital, private or domestic nature.
Taxation Ruling TR 95/14 Income tax: employee teachers - allowances, reimbursements and work-related deductions states that a deduction is allowable for the cost of teaching aids. Where you are required to rent a storage area to store the teaching aids the storage costs are also deductible.