• ##### Cost of sales

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 any cost of sales?

No, Go to Foreign resident withholding expenses.

##### You need to know

Goods taken for your own use should not be accounted for as stock on hand at 30 June 2006. Include at I and J Other business income in the Income section of item P8 on your schedule the value of:

• livestock killed for rations
• livestock exchanged for other goods or services, and
• goods taken for your own use.

Use worksheet 3 to work out your cost of sales.

Worksheet 3: Cost of sales

Row

Calculation elements

Primary production

Non-primary production

(a)

Stock at 1 July 2005

\$

\$

(b)

Purchases at cost

\$

\$

(c)

Freight inwards

\$

\$

(d)

Other - for example, labour and services

\$

\$

(e)

Add (a), (b), (c) and (d)

\$

\$

(f)

Stock at 30 June 2006

\$

\$

-

Your cost of sales, subtract (f) from (e)

\$

\$

For further information on stock on hand at 1 July 2005, read Opening stock. For information on stock on hand at 30 June 2006, read Closing stock.

##### Completing this item

Step 1, Write your total primary production cost of sales at Cost of sales in the Primary production column, item P8 on page 3 of your schedule. Do not show cents.

Step 2, If the cost of sales in the Primary production column - after subtracting (f) from (e) - is a negative amount, print L in the box at the right of this amount.

Step 3, Write your total non-primary production cost of sales at Cost of sales in the Non-primary production column. Do not show cents.

Step 4, If the cost of sales in the Non-primary production column - after taking (f) away from (e) - is a negative amount, print L in the box at the right of this amount.

Step 5, Add up your primary production and non-primary production cost of sales and write the total at Cost of sales in the Totals column.

Step 6, If your total cost of sales is a negative amount, print L in the box at the right of this amount.