I have shut down my business address since being injured and have built a large shed at my home property so I can store the stock from my retail business for when I am able to restart and I will continue the online side.
my accountant says I can claim a shed if it’s removable..
if not then we can’t claim it…
what’s the difference between removable and permanent?
it seems such a grey area as anything is technically removable!
Hey @Fryzy,
If the shed is a building*, then it would be an excluded asset as a capital works deduction. If the shed intended to be able to be deconstructed and moved, then it may be eligible for the instant asset write-off.
(*Our definition of a building is a permanent structure, roofed and usually with walls and flooring that provides protection from the elements.)
The important part of whether something is removeable or permanent is how it was designed.
For example, if the shed is concreted to the ground and welded together, it would generally be permanent. Or if it were staked into the ground and designed to be collapsible then it would be removeable
I hope this makes things a bit clearer.
Hey @Fryzy,
If the shed is a building*, then it would be an excluded asset as a capital works deduction. If the shed intended to be able to be deconstructed and moved, then it may be eligible for the instant asset write-off.
(*Our definition of a building is a permanent structure, roofed and usually with walls and flooring that provides protection from the elements.)
The important part of whether something is removeable or permanent is how it was designed.
For example, if the shed is concreted to the ground and welded together, it would generally be permanent. Or if it were staked into the ground and designed to be collapsible then it would be removeable
I hope this makes things a bit clearer.
Thanks, the shed is neither concreted in nor welded together.
it is all bolted together and bolted to the ground so I will take it that the shed is therefore removable and can be claimed for the business portion of use.
thanks kindly for the answer@JacobATO
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