• Opening stock

    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

    Did you have trading stock on hand at the start of the year?

    No

    Go to Purchases and other costs.

    Yes

    Read on.

    You need to know

    The opening value of an item of stock must equal its closing value in the previous year. The total value of all stock on hand at the start of the year is equal to the amount shown as closing stock on your 2005 schedule.

    If you are a primary producer, you must add the value of your opening stock from your livestock account at PP4 on your primary production worksheet to the value of your opening stock from your produce account at PP9 on your primary production worksheet. The total of these amounts is the total value of your primary production opening stock.

    Do not include any amounts representing opening stock of a business which commenced operations during the year. Include the purchase costs of these items in the relevant Purchasesandothercosts box.

    Completing this item

    Step 1, Write the total value of your primary production opening stock at Openingstock in the Primary production column, item P8 on page 3 of your schedule. Do not show cents.

    Step2, Write the total value of your non-primary production opening stock at Openingstock in the Non-primaryproduction column. Do not show cents.

    Step3, Add up your primary production and non-primary production opening stock values and write the total at K.

    Last modified: 01 Sep 2006QC 18499