Tax Implications - Trader Vs Investor, page-36

  1. 37,911 Posts.
    lightbulb Created with Sketch. 828
    reading your question more thoroughly:

    1. you can change how you value your Closing Stock from year to year

    2. however, once your Closing Stock is lodged in your tax return, this calculation of Closing Stock must be the calculation of your Opening Stock for the next income year

    3. in other words, you cannot change your valuation of Opening Stock

    regards
    Last edited by ddzx: 08/07/18
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.