Xero Tax (AU) - Livestock Trading on Market Value
The current livestock schedule in trust tax return (and probably others) is insufficient.
We calculate livestock on Market Value in the Financials and inset these figures into the Tax Return, then use the Reconciliation area to bring it back to Average Cost.
This worked perfectly fine in MYOB Tax, as we could overwrite the average cost calculation in the livestock trading schedule. However in Xero Tax we can't overwrite the closing stock value.
The best I've been able to figure is to eschew the livestock trading schedule altogether, inserting the sale under Other Business Income and manually filling out the Cost of Sales area and Business Items.
Paul Howlett
shared this idea
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Steven Podlich
commented
I agree. The only method of livestock valuation available in Xero tax, seems to be Average Cost. Could we please also have to option to use the 2 other allowable methods: Replacement Cost and Market Value.
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/primary-producers/livestock-and-other-assets/valuing-livestock -
Kristy Jeffries
commented
The Tax Return should allow the closing stock value to be manually entered. This is very frustrating.
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Janine Daniels
commented
We have a large percentage of primary producer clients with livestock accounting for them at market Value. the current solution is not professional enough.
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P. Grantley Orth
commented
Accounting for Opening and Closing Stock.
In the Trust tax return and probably others, at Item 5 in the business section there is a plus icon you can press to open for 'livestock and produce trading'. In there you can record opening and closing stock, purchases and sales. Currently this is only feeding into the primary production section of the return. I would love to see an option to allow the same information for non primary production businesses. So that the stock can be clearly recorded for a retail business, or a share trading business for some examples. I recently moved over from Handi-Tax which does have these option in the returns.Thank you.
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Francis Handcock
commented
Same issue in Partnership returns.