• P19 Trading stock election

    Attention

    Warning:

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

    End of attention

    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 income year 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.

    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 2012
    • 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 2012 to A item 14 on page 13 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 2012 to B and C (respectively) item 15 on page 14 of your tax return (supplementary section)
    • signed and dated your Business and professional items schedule for individuals 2012 and attached it to page 3 of your tax return
    • completed and attached the Individual PAYG payment summary schedule 2012 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.
    Last modified: 04 Mar 2016QC 25649