Have you made a trading stock election?
No |
Go to Check that you have… below. |
|---|---|
Yes |
Read on. |
You need to know
If you have valued trading stock on hand at the end of the year of income at an amount that is less than the lowest amount available using one of the valuation methods at Closing stock, you must notify the Commissioner.
Completing this question
If you must notify the Commissioner about your trading stock election, print Y at P item P19 on page 4 of your schedule. Otherwise leave P blank.
Check that you have…
- written your tax file number and your full name on page 1 of your Business and professional items schedule for individuals 2004–05 (PDF 285KB)This link will download a file
- written the correct amount on your schedule for each item that applies to you
- correctly transferred the amount at A Net PSI item P1 on your Business and professional items schedule for individuals 2005 to A item 13 on page 9 of your tax return (supplementary section)
- correctly transferred the amounts at Y and Z net income or loss from business item P8 on your Business and professional items schedule for individuals 2004–05 (PDF 285KB)This link will download a file to B and C (respectively) item 14 on page 10 of your tax return (supplementary section)
- signed and dated your Business and professional items schedule for individuals 2004–05 (PDF 285KB)This link will download a file and attached it to page 3 of your tax return
- completed and attached the Individual PAYG payment summary schedule 2004–05 to page 3 of your tax return, if you received business income that was subject to withholding
- kept your records to prove your claims, where required.