Livestock report is stored in the tax form. It can be used as a working paper to compute average cost and closing inventory value.
To learn more about the topic, please see the following guide:
Make sure to activate "Business" via financial image
Press "Business" , then "Business Income & Expenses"
Scroll through "Other business income" item and add a worksheet using the plus (+) button.
Note: LodgeiT doesn't add livestock worksheet amounts to net income when a tax form is filled with data from financial statements.
Income amounts go to "Other business income" on main return. Expense amounts to "Opening and Closing stocks" and ‘Purchases and other costs’. This is always a primary income.
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.
