ATO – What attracts our audit attention
To help you taxpayers get things right, you should consider the behaviours, characteristics and tax issues t
A stocktake can be an important part of running a business. If your business buys or sells stock, recent law changes could affect whether you need to do a stocktake this financial year.
From 1 July 2016, you only need to do a stocktake for tax purposes if either:
These changes might mean you are not required to do a stocktake for tax purposes, but it may be beneficial for business reasons. It can help you with a number of business processes such as pricing strategies, ordering processes and identifying missing stock.