P19 Trading stock election

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?

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 on page 17-18, 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.