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Theythem(Newbie)Newbie
24 July 2024

I am busy trying to understand how to fill in my tax returns for a partnership. I am aiming to put the correct data in the correct boxes but am currently wondering what the difference is between the cost of sales (5) and the purchases and other costs (39). They sound a lot like the same thing, as in the cost of sales requires purchases. If someone could help me out here I would be greatly appreciative, and if they could explain it in relation to how this fits in with me attempting to make some money during a lull in employment by taking stock photography this would further aid my understanding 

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201 views
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Deb_ATO(Community Support)Community Support
29 July 2024

Hi @Theythem


Not necessarily. Item 5 is where all the income and expenses are itemised and detailed. Item 39 is the total value of all trading stock on hand excluding certain items.

There's so many circumstances which could mean these items can be two different numbers. Item 39 can even be a zero.


Check out our further info on Opening stock to help get you on the right track.

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Most helpful reply

Deb_ATO(Community Support)Community Support
29 July 2024

Hi @Theythem


Not necessarily. Item 5 is where all the income and expenses are itemised and detailed. Item 39 is the total value of all trading stock on hand excluding certain items.

There's so many circumstances which could mean these items can be two different numbers. Item 39 can even be a zero.


Check out our further info on Opening stock to help get you on the right track.

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Cost of sales (5) versus purchases and other costs (39) (Partnership tax return 2018) | ATO Community