Personal items becoming trading stock

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 · Accepted Answer

AriATO · Answer

Yep, trading stock can include anything your business gets to sell. You can add items to your trading stock throughout the year. You value your trading stock you have on hand at the end of each year. There are 3 methods you can use. We have info about valuing your trading stock (https://www.ato.gov.au/Business/Income-and-deductions-for-business/Accounting-for-trading-stock/valuing-trading-stock/) on our website. Record-keeping is important. You need to keep records of all your transactions. If you need to prove expenses in your business then receipts help. Have a look at our website about record keeping for business (https://www.ato.gov.au/Business/Record-keeping-for-business/)to get an overview of they types of records you need for your business.

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