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Trading Stock (S22(2): Opening stock deduction (Value = previous C/S,…
Trading Stock
S22(2): Opening stock deduction
Value = previous C/S
Value = cost if not included in prior C/S (change of use)
Value = MV if not incl in prior C/S and CGT
S23F: Acquisition
No 11(a) deduction if not disposed of and not included in stock
Expenditure deemed incurred next YoA after disposed/destroyed
Does not apply to consignment stock
S23F: Disposal
Recoup 11(a) deductions
Expenditure only allowed in YoA income accrues
Portion accrues, deduct portion of expenditure
s22(8): Deviation from normal use
Private use = CP
Donated stock = MV
S22(1): Closing stock added to income
Lower of cost/NRV
S11(a): Purchases deduction
Does not apply to farmers
s22(4): Acq for no consideration = MV
Consumable stores = T/S