Valuation of trading stock ato

TR 93/23 - Income tax: valuation of trading stock subject to obsolescence or other special circumstances (As at 29 November )

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PDF Email Cross Reference Material document. Please note that the PDF version is the authorised version of this ruling. This Ruling provides you with the following level of protection: This publication excluding appendices is a public ruling for the purposes of the Taxation Administration Act A public ruling is an expression of the Commissioner's opinion about the way in which a relevant provision applies, or would apply, to entities generally or to a class of entities in relation to a particular scheme or a class of schemes.

If you rely on this ruling, we must apply the law to you in the way set out in the ruling or in a way that is more favourable for you if we are satisfied that the ruling is incorrect and disadvantages you, and we are not prevented from doing so by a time limit imposed by the law. You will be protected from having to pay any under-paid tax, penalty or interest in respect of the matters covered by this ruling if it turns out that it does not correctly state how the relevant provision applies to you.

This Appendix is provided as information to help you understand how the Commissioner's view has been reached. It does not form part of the binding public ruling. Commercial principles and accounting conventions - decided cases.

Commercial principles and accounting conventions - Accounting Standards. Interaction between accounting principles and the term 'cost' as used in the trading stock provisions.

Absorption costing - elements to be absorbed for taxpayers in the retail and wholesale industries.