Oyster farmers



This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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Oyster farmers are required to account for oysters on hand as trading stock. This includes oysters held on sticks or in trays, or harvested and held ready for sale.

If you are farming oysters for human consumption using the traditional stick farming method and have not previously accounted for your stock on hand, you may be eligible for a trading stock concession for 2001-02 only. This concession allows you to value your stock on hand at the beginning of 2001-02 based on the number of sticks you used to capture stock-$1.00 for wooden sticks or two-metre plastic slats, and $0.50 for one-metre plastic slats. This concession applies to your stock on hand that had not been harvested at the beginning of 2001-02. For more information, see Oyster farmers - stock on hand.

If you are eligible for this concession but did not use it in your 2001-02 tax return, you may request an amendment of your 2001-02 assessment. The normal trading stock rules apply for 2002-03 and later income years.

Last modified: 09 Feb 2006QC 27451