Simplified trading stock rules

Under the simplified trading stock rules, you don’t have to:

  • conduct a formal stocktake;
  • account for the changes in your trading stock‚Äôs value.

You can use the simplified trading stock rules if you:

  • are a small business with an aggregated turnover of less than $10 million a year (or from 1 July 2021, with an aggregated turnover of at least $10 million but less than $50 million a year); and
  • reasonably estimate that the value of your trading stock changed by less than $5,000 in the year.

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.