If you operate a primary production business, large or small, the recording of livestock head count can have a big impact on your year-end taxable income. Whether it be cattle, horses, bees or any other livestock, it’s important to maintain accurate records of all increases and decreases in head count. This includes:
· Purchases, recording both number and price paid
· Births, including insemination costs if any
· Sales, recording both number of amount received
· Stock killed for own use
· Total stock numbers at 30 June, being simply the number of stock you own at the end of
the tax year
With 30 June 2016 fast approaching, now is a good time to commence counting your livestock to avoid the frustration of trying to “back track” after year end.
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.