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Valuing trading stock for retailers and wholesalers.

Publication date: 22 Sep 06 | Source: WEEKLY TAX BULLETIN

Issue: No 40 2006

Pages: pp.1558-60

The Tax Office recently issued Taxation Ruling TR 2006/8 dealing with the cost basis of valuing trading stock for taxpayers in the retail and wholesale industries. The Ruling, previously issued as Draft TR 2005/D11, applies to taxpayers in the retail and wholesale industries, where they have elected to value their trading stock on hand at "cost" for tax purposes. It discusses the ATO's view on what constitutes "cost" for this purpose.

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Author profiles

Abdol Mostafavi CTA
Photo of author, Abdol MOSTAFAVI Abdol is Special Counsel in the Sydney office of Greenwoods & Herbert Smith Freehills. with over 16 years of tax experience. He advises on a wide range of corporate and trust tax issues, with a particular focus on the financial services, property and energy sectors, M&A transactions and corporate group restructures. Abdol's particular areas of expertise include international tax, the taxation of financial arrangements, and the tax consolidation regime. - Current at 15 September 2014
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Gordon GRANT
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