Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
A stocktake can be an important part of running a business. If your business buys or sells stock, recent law changes could affect whether you need to do a stocktake this financial year.
From 1 July 2016, you only need to do a stocktake for tax purposes if either:
- your business turnover is $10 million or more
- you have more than a $5,000 difference in stock levels at the beginning and end of the financial year – you can estimate this.
These changes might mean you are not required to do a stocktake for tax purposes, but it may be beneficial for business reasons. It can help you with a number of business processes such as pricing strategies, ordering processes and identifying missing stock.
