Locked on stock with two smoking barrels.

Australasian Business Intelligence, December, 2005

Byline: Mitch Gaynor

Dec 21, 2005 (Queensland Business Review - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has instructed retailers to use the "absorption costing" method to value their stock. It is believed that adoption of the new method will lead to bigger tax liabilities. The Institute of Chartered Accountants has expressed concern that the demands have come at the same time as invitations for submissions on the issue. The ATO maintains that the request is in line with the trading

stock provisions of the Income Tax Assessment Act 1997.

Publication Date: December 2005

 
AUSTRALIAN TAXATION OFFICE: 
THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ...

            
        
    
    	    
                
                
	

		

					 
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