See item 40: Closing stock on the ATO website.
We've provided a generic schedule at this item for dissection and record keeping purposes.
The amount at label D must reflect an amount calculated for tax purposes.
Small business entities only need to account for changes in the value of trading stock if the value of stock on hand at the start of the income year and a reasonable estimate of the value of stock on hand at the end of the income year varies by more than $5,000.
Closing stock action code
If you've completed label D, you must select the method you used to value your stock from the drop-down.
Business income schedule (B)
If you've completed schedule B, then you'll need to make any adjustments to closing stock and its code box in schedule B.
7-050 Small business entities
9-150 What is trading stock?
9-160 Calculating trading stock gross profit
9-170 Trading stock on hand taken into account
9-180 How to value trading stock
9-250 Valuation of live stock
9-290 Stock disposed of outside ordinary course of business