Review Trading Stock

Completing a review of stock on hand for items that are old, damaged or obsolete will allow you to scrap these items and write them off prior to 30 June.  The amount written off will be immediately deductible.

Stock can also be valued at the lower of cost, replacement or net market value.  If the price of items you stock have changed significantly since purchase, or stock that is not to be scrapped but you do not expect to recover the full cost, a replacement or net market value approach may be more appropriate than applying the cost method to valuing stock on hand at 30 June.