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Item 41 - Closing stock (partnership return)

Label D—Closing stock

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.

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