I am a sole trader and am starting a new business where I bought $3,000 on inventory this financial year. Since my inventory will be ready to sell until July, how can I claim this inventory in my tax application this year? Or is it possible to include this invoice for the next financial year?
Hi @jpimentel
You have two things to report here:
The expenses for buying the stock are reported when you incur the cost. This is a deduction against your business income.
The value of your trading stock gets reported each year, and the change in value either becomes a deduction or adds in to your business's income. If you don't yet have that stock, you won't include it this year.
Hi @jpimentel
You have two things to report here:
The expenses for buying the stock are reported when you incur the cost. This is a deduction against your business income.
The value of your trading stock gets reported each year, and the change in value either becomes a deduction or adds in to your business's income. If you don't yet have that stock, you won't include it this year.
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