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  • P19-Trading stock election

    Have you made a 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

    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 Part C Closing stock, the Commissioner must be notified.

    Completing this item

    If you must notify the Commissioner about your trading stock election, print Y at P item P19 on your schedule. Otherwise leave P blank.

    Check that you have…

    • written your tax file number and your full name on page 1 of your 2003 business and professional items schedule
    • 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 2003 business and professional items schedule to A item 13 on your tax return
    • correctly transferred the amounts at Y and ZNET INCOME OR LOSS FROM BUSINESS item P8 on your 2003 business and professional items schedule to B and C item 14 on your tax return respectively
    • kept records to prove your claims, where required signed and dated your 2003 business and professional items schedule and attached it to page 3 of your tax return
    • completed and attached the Individual PAYG payment summary schedule 2003 to page 3 of your tax return, if you received business income that was subject to withholding.
    Last modified: 16 Jun 2006QC 27476