Have you made a trading stock election?
No |
Go to Check that you have. |
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 item
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.