46 Trading stock election

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

End of attention

The partnership may elect to value an item of trading stock below the lowest value of cost, market selling value, or replacement value because of obsolescence or any other special circumstances – however, the value it elects must be reasonable. For more information on trading stock valuations where obsolescence or other special circumstances exist, see TR 93/23 - Income tax: valuation of trading stock subject to obsolescence or other special circumstances.

If the partnership makes an election, print X in the Yes box at this item – otherwise, print X in the No box.