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By Gillian Hayward
Does your business deal in trading stock? Do you know your requirements when preparing your annual stocktake?
Trading stock is anything your business acquires, produces or manufactures, for the purpose of manufacturing, selling or exchanging. Livestock is also trading stock.
If your business deals in trading stock you need to value it at the end of the financial year.
Depending on your circumstances you have the following methods to value your trading stock:
You need to keep records showing the following information:
Under either method the value of your stock can be at:
These records need to be kept for five years from the lodgement date of your tax return. Further information can be accessed here https://www.ato.gov.au/Business/Income-and-deductions-for-business/Accounting-for-trading-stock/
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