Having taken mine off several times, I can't think of a reason why not so long as the spacers go back in the same way.
Sure, there is probably some science behind the nut being on a certain side so if the axle grabs it'll spin the nut tighter, but the S40 isn't a racing bike that warrants that kind of worry. If you were worried about that, then having the nut on the left would be the correct placement to make this a non-issue.
So...everyone run out and swap your rear axle bolts around, quickly!!!