Records from stocktakes

You need to keep records of all transactions related to buying, maintaining, repairing and selling business assets or stock so you can substantiate the amounts reported in your tax return.

If your business buys or sells stock and is required to do a stocktake, you need to keep records showing: 

  • a list describing each article of stock on hand and its value 
  • who did the stocktake 
  • how and when it was done 
  • who valued the stock and the basis of the valuation. 

If you’re a primary producer, you should also check the special considerations regarding trading stock records you’re required to keep. 

Most stock records need to be kept for 5 years. The 5 years starts from when you prepared or obtained the records, or when you completed the transactions the records relate to, whichever is later. 

You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record. reported in your tax return. 

Claiming small business tax deductions

Steps Progress

What are deductions and what can I claim?

5 mins

Accounting for private use of assets

9 mins

Expenses you can never deduct

1 mins

Expenses you can deduct over time

10 mins

Stock and asset records

5 mins

Expenses you can deduct immediately

5 mins

Other deductions records

1 mins

Motor vehicle deductions

4 mins

Motor vehicle deductions records

2 mins

Related courses

1 mins

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