Who completes the form and what to prepare
The AC Reporting Form concerns trading stock appropriated for non-trade or capital purposes under section 10J, and non-trade or capital assets converted to trading stock under section 32A. Individuals, including partnerships with only individual partners, need not complete it. Prepare the appropriation or conversion details and market value at that date; the form estimates 10 minutes.
Submission and supporting records
Submit the signed completed form with the income tax return or tax computation through myTax Mail. Supporting documents need not accompany it, but contemporaneous evidence must be kept and supplied if requested by the Comptroller.
Parts 1 and 2: taxpayer and type of change
Enter taxpayer or partnership name, tax reference and YA. Tick the applicable declaration for an appropriation or conversion in that YA’s basis period. Trading stock moved from revenue to non-trade or capital purposes uses Part 3a; the reverse conversion uses Part 3b.
Part 3a: stock appropriated out of trade
Enter description; purchase date or completion of manufacture, preparation or construction; appropriation date and reasons; cost; net book value; and open-market value on appropriation. Net book value equals cost if there were no prior diminution provisions or fair-value adjustments. Enter the gain or loss brought to tax or claimed, indicate whether independent valuation supports market value, and confirm whether tax adjustments are in the return.
Part 3b: asset converted to trading stock
Enter asset description, purchase and conversion dates, reasons, cost and market value on conversion. Give an estimated disposal date if available and describe post-conversion value-added activity. Indicate independent valuation support and whether any applicable balancing adjustment appears in the return, with Yes, No or Not applicable options.
Part 4: authorised declaration
The authorised person declares the information true and complete and acknowledges penalties for false or incorrect declarations. Provide full name, signature, designation and date.
All evidence checklist categories
The checklist asks which evidence supports the change, its date and valuation: appropriation or conversion proposal and director’s resolution; advertisements for rent or lease only; development-charge or differential-premium payment; a donation receipt for stock donations; investment yield analysis, study or adviser recommendation; contractor appointments; an independent valuer’s report; issue of a developer licence for sale; and other evidence with details. Retain the evidence without sending it at filing unless requested.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗