Business Services Industry
[1703] Valuing trading stock for retailers and wholesalers.
Australasian Business Intelligence, October, 2006
Byline: Stephen Gottlieb and Abdol Mostafavi and Gordon Grant
Oct 02, 2006 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has released Taxation Ruling TR 2006/8. The ruling concerns the valuation of stock at cost for tax purposes by a wholesaler or retailer. It states that in such cases, all direct and indirect costs in bringing the stock to its existing location and condition must be included, until the stock reaches its "final selling location". TR 2006/8 affects the prior, current and future tax returns of retailers and wholesalers. The ATO has not clarified the treatment of rebates received that could be seen to lower the cost of stock.
Publication Date: 22 September 2006
AUSTRALIAN TAXATION OFFICE...
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