The end of your tax year is quickly approaching! For those businesses with trading stock, please ensure you have completed a physical stock take of your inventory, which is required for tax purposes. If you are closed over the weekend, that could be the opportune time to perform your stocktake.
Stock or inventory on hand, is generally calculated at cost unless your stock is thought to be worth less than what you originally paid.
Also, no physical stocktake is required if the stock on hand is reasonably estimated to be worth less than $10,000.
Once you've completed the stocktake, please forward us a copy of your stock on hand report as at 31 March 2023.
If you have any questions around the valuation of your inventory or other inventory related questions, please contact the team on 04-970-1182 or send us an email to advice@aafl.nz.
Kind regards,
The All Accounted For Team
