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Trading stock - Do you roll out the barrel or the bottle? paper

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Published on 23 May 13 by TASMANIAN DIVISION, THE TAX INSTITUTE

This paper looks at some aspects of accounting for trading stock which are particularly applicable to the alcohol industry, including:

  • at what stage in the production cycle do grapes, bulk wine and/or packaged wine become trading stock from the aspect of the grower and the winemaker?
  • do the same rules apply to the production of spirits?
  • how are the absorption cost rules to be applied for cellared wine?
  • can trade stock values be adjusted for anticipated returns, eg due to cork taint or unintended secondary fermentation?

Author profile

Gilson Levy CTA-Life
Gil is a Principal of MGI Sydney. With over 40 years’ experience in tax consulting he specialises in providing advice to both clients and other practitioners in the SME segment, particularly on the CGT issues associated with mergers and acquisitions. Gil is a past President of The Tax Institute and current President of the Asia Oceania Tax Consultants Association. - Current at 06 August 2012
Click here to expand/collapse more articles by Gil LEVY.

 

This was presented at Tax Through the Bottom of a Glass .

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Trading stock - Do you roll out the barrel or the bottle?

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