Livestock report is stored in the tax form. It can be used as a working paper to compute average cost and closing inventory value.
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Note:
- LodgeiT doesn’t support mapping of financials to worksheets, this worksheet has to be manually edited.
- Livestock can be filled manually using worksheets or import from 'QuickBooks Online'. It will not duplicate values when data imported from financials and if you have a worksheet.
- Livestock will only be displayed on printed reports.
If you take goods from stock for your own use (Rations), or for the use of your family members, you need to account for the goods as if the stock had been disposed of at its cost. Debit Drawings & Credit Killed for rations. Use the actual cost or the cost prescribed by the ATO.
Related articles:
How to Access Livestock Calculator in the Individual Tax Return (ITR)
How to Access Livestock Calculator in the Company Tax Return (CTR)
How to Access Livestock Calculator in the Partnership Tax Return (PTR)
How to Access Livestock Calculator in the Trust Tax Return (TRT)