If your retail business turns over less than $2M a year you are not required to undertake a stock take. Click here for the ATO advice.
There are several ways to calculate trading stock. One way is to do a stock take. Our POS software can help any retailer undertake this. Another way is to track all goods inwards and all goods outwards (sold). Depending on your theft situation this leaves you with an accurate understanding of stock.
To check parts of your business, to see whether theft is an issue, you can easily do a spot stock take of part of this business. In a short time this can indicate whether a full stock take is necessary.
Offering a range of options in the stock take area, Tower Systems serves the needs of retailers with flexibility and compliance in terms of the tax office requirements.
We mention this today to provide clarity on what is required of retailers in terms of stock takes.
Of course, some from the lunatic fringe will say we are wrong. We are certain of our advice as we have spoken with the ATO directly as well as with a CPA. Our advice is sound. But we have a warning: this advice is appropriate if you use smart POS software properly. Our software is appropriate as it manages inventory on hand in a manner sought by the ATO.