ato logo
Search Suggestion:

P19 Trading stock election

Last updated 3 March 2016

Have you made a trading stock election?

No

Go to Check that you have….

Yes

Read on.

You need to know

If you have valued trading stock on hand at the end of the income year 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 item

If you must notify the Commissioner about your trading stock election, print Y at P item P19 on page 4 of your schedule. Otherwise leave P blank.

Check that you have …

  • written your tax file number and your full name on page 1 of your Business and professional items schedule for individuals 2011
  • written the correct amount on your schedule for each item that applies to you
  • correctly transferred the amount at A Net PSI item P1 on your Business and professional items schedule for individuals 2011 to A item 14 on page 13 of your tax return (supplementary section)
  • correctly transferred the amounts at Y and Z NET INCOME OR LOSS FROM BUSINESS item P8 on your Business and professional items schedule for individuals 2011 to B and C (respectively) item 15 on page 14 of your tax return (supplementary section)
  • signed and dated your Business and professional items schedule for individuals 2011 and attached it to page 3 of your tax return
  • completed and attached the Individual PAYG payment summary schedule 2011 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.

QC28003