According to the ATO, businesses can claim a tax deduction on the majority of expenses incurred when buying, maintaining, repairing, and selling business assets or stock. To maximise your tax refund, it’s important to keep appropriate records. As part of this process, if your business buys or sells goods, you’ll most likely need to conduct a thorough stocktake at the end of each financial year. This involves counting each item of your trading stock and making a reasonable estimate of the items’ value.
The more stock you have, the more laborious a stocktake can be. If you haven’t already, it’s well worth investing in some stocktaking software. The following checklist will ensure your stocktake is completed as smoothly and accurately as possible.