"CIRC. 63/2016-The annual inventory preparation and terms of subscription "

Posted by on Sep 19, 2016

Dear customer,

The civil law and tax planning, borne by the holders of business income in accounting for obligation and for option, the burden to draw up the inventory annually. The term to continue the preparation of the inventory is three months from the date of submission of the Declaration for the purposes of direct taxation. Within the mentioned term inventory must be signed by the holder of the sole proprietorship or legal representative for companies and institutions.

The endorsement of the book inventories is no longer required; in any case the requirement of the numbering, which must be done progressively for year. In particular, we must highlight the year next to the page number referenced by the accounting not where you print (whereby the inventory printout 2015 2015 2015 numbering must be 1; 2//, etc.). The Ministry then clarified that if the records they occupy on the book inventories only a few pages for each year, the year may be omitted.

Civil law

Identification and valuation of assets and liabilities on the company (assets – liabilities and equity) and, for individual entrepreneurs, entrepreneur's foreign assets and liabilities of the business. A statement of the assets belonging to the personal sphere of the entrepreneur is required only for the purposes of civil.

Tax legislation

In addition to the provisions of civil law this will be either the consistency of goods grouped into homogeneous categories for nature and value and the value attributed to each group (1) and the criteria for assessment of inventories.

In the inventory individual entrepreneurs must be separately stated and evaluated the assets and liabilities on the company. The assets belonging to the personal sphere of the entrepreneur must be indicated only if "congratulate" the activity.

In evaluating assets and liabilities we must abide to the assessment criteria laid down for public limited companies where applicable. The inventory is closed by the budget, for joint stock companies, consists of balance sheet, income statement and notes to the financial statements. The budget, for joint stock companies, must be drawn up in accordance with the diagram provided in the civil code that implemented the legislation.


(1) if the inventory does not detect the elements that make up each group and their location must be kept available to the tax office bills that are served for compiling the inventory

Please remember that failure to provide assessment criteria of inventories, inventories in the book or in the notes, exposing the taxpayer to proof inductive based on parameters or to industry studies because such failure makes it unreliable accounting.

The Ministry of Finance stated that accounts receivable can be found in the book inventories, under activities, in their aggregate amount, without the designation registered share clients. This list should be kept by the taxpayer and exhibited at the request of tax authorities in control phase.

In the book inventories must also be any revaluation carried out by taxpayers who have made use of the provisions of the law that allowed such a possibility.

As regards, finally, the deadline for fulfilling the drafting and signing of the inventory you will have to refer to the time limit for making the statement that, for the tax year 2015 expires September 30, 2016.

The drafting and signing of the inventory shall be made within three months after this deadline, i.e. by December 31, 2016.

The study remains at your disposal for any further clarification.

Sydney, September 19, 2016

Dr. Maurizio Dal Mas