Have you made a trading stock election?
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No |
Go to Check before lodging |
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Yes |
Read on. |
You need to know
If you have valued trading stock on hand at the end of 2022–23 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 question
If you must notify the Commissioner about your trading stock election, show Y at question P21 – label P on page 5 of your schedule. Otherwise leave label P blank.
Check before lodging
Check before lodging your Business and professional items schedule:
- written the correct amount on your schedule for each question that applies to you
- correctly transferred the amount at question P1 – label A Net PSI in your Business and professional items schedule for individuals 2023 to question 14 – label A in your supplementary tax return
- correctly transferred the amounts at question P8 – labels Y and Z NET INCOME OR LOSS FROM BUSINESS in your Business and professional items schedule for individuals 2023 to question 15 – label B and C (respectively) in your supplementary tax return
- completed and attached the Individual PAYG payment summary schedule 2023 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.