Jackson Basile
 

Address:
Unit 3
118-122 Railway Ave
Ringwood East, Vic. 3135

Postal address:
P.O.Box 44
Ringwood East, Vic. 3135

Phone:
03 9870 6866

Fax:
03 9879 2568

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Articles
Absorption Costing for Retail and Wholesale Industries ? Update
Workplace Insurance ? Different Locations
Retirement is heading for an extreme makeover.
Superannuation Surcharge Abolished? ? Action Now
$500 Incentive for Mature Age Workers
Children?s Bank Accounts and Tax File Numbers
Private Health Insurance ? Reduced Premium
Higher Education Contribution Scheme and Income Tax
Superannuation Contributions ? Double Jeopardy
Absorption Costing for Retail and Wholesale Industries ? Update
The Australian Taxation Office (ATO) have had a change of attitude to stock valuation procedures over the last few years.

The ATO opinion was that full absorption costing was necessary for all retail and wholesale businesses.  

Very few small businesses had the expertise to be able to comply with this requirement.  And the adjustment is reversed the next year when the stock is sold, so why the need?

Fortunately sanity prevailed!

The ATO practice is that full absorption costing applies to those taxpayers or consolidated groups where the consolidated gross operating revenue for the financial year is $10 million or more.

Taxpayers not covered by this practice statement will still be expected to use a reasonable and practical basis to correctly bring to account their trading stock.











10th-June-2005