Under the simplified trading stock rules, you don’t have to:
- conduct a formal stocktake;
- account for the changes in your trading stock’s value.
You can use the simplified trading stock rules if you:
- are a small business with an aggregated turnover of less than $10 million a year (or from 1 July 2021, with an aggregated turnover of at least $10 million but less than $50 million a year); and
- reasonably estimate that the value of your trading stock changed by less than $5,000 in the year.