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Published on 19 Mar 13
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
Your clients agribusinesses are getting more complex every year especially in relation to trading stock. Many hold trading stock over multiple periods and often apply it for different uses. Yet many only understand their business decisions on the basis of cash in and out. These changes present the tax practitioner with more challenges than ever. This paper considers how to apply the trading stock provisions in this ever changing environment.
Specific topics include:
trading stock provisions generally
what is stock “on hand” – not as straight forward as you think
extensions to and departures from the basic definition of trading stock
how to handle “uncertain future use”
disposals of trading stock not in the ordinary course of business
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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We've made some changes to our website. You will need to reset your password to access your account, access online books, purchase items from our online shop, or download papers from the Tax Knowledge eXchange.