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Trading stock election – P21

Instructions to complete P21 Trading stock election.

Published 28 May 2025

You need to know

If you have valued trading stock on hand at the end of 2024–25 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

Have you made a trading stock election?

If you must notify the Commissioner about your trading stock election, print Y at P21 – label P in your schedule. Otherwise leave label P blank.

Check before lodging

Check before lodging your business and professional items schedule that you have done all of the following, you:

  • write the correct amount in your schedule for each question that applies to you
  • correctly transfer the amount at P1 Personal service income – label A Net PSI in your Business and professional items schedule 2025 to question 14 – label A in your supplementary tax return
  • correctly transfer the amounts at P8 Net income or loss from business – labels Y and Z NET INCOME OR LOSS FROM BUSINESS in your Business and professional items schedule for individuals 2025 to question 15 – labels B and C (respectively) in your supplementary tax return
  • complete and attach the Individual PAYG payment summary schedule to your tax return, if you receive business income that is subject to withholding
  • kept your records to prove your claims, where required.

Continue to: Appendixes

Return to: Instructions to complete the BPI schedule 2025

QC104615