Taken goods for private use? Here’s the latest values. The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. Taken goods for private use? Here’s the latest values
This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.
The ATO regularly issues guidance for business owners on the value it expects will be allocated to goods taken from trading stock for private use. The table below shows these values for the 2016-17 income year.
Type of businessAmount (excluding GST) for adult/child over 16 years $Amount (excluding GST) for child 4-16 years $Bakery1,350675Butcher800400Restaurant/cafe (licensed)4,6401,750Restaurant/cafe (unlicensed)3,5001,750Caterer3,7901,895Delicatessen3,5001,750Fruiterer/greengrocer790395Takeaway food shop3,4301,715Mixed business (includes milk bar, general store and convenience store)4,2602,130
The basis for determining values is the latest Household Expenditure Survey results issued by the Australian Bureau of Statistics, adjusted for CPI movements for each category.
Note that the ATO recognises that greater or lesser values may be appropriate in particular cases, and where you are able to provide evidence of a lower value, this should be used.
The basis for determining values is the latest Household Expenditure Survey results issued by the Australian Bureau of Statistics, adjusted for CPI movements for each category.
Note that the ATO recognises that greater or lesser values may be appropriate in particular cases, and where you are able to provide evidence of a lower value, this should be used.
The basis for determining values is the latest Household Expenditure Survey results issued by the Australian Bureau of Statistics, adjusted for CPI movements for each category.
Note that the ATO recognises that greater or lesser values may be appropriate in particular cases, and where you are able to provide evidence of a lower value, this should be used.
The basis for determining values is the latest Household Expenditure Survey results issued by the Australian Bureau of Statistics, adjusted for CPI movements for each category.
Note that the ATO recognises that greater or lesser values may be appropriate in particular cases, and where you are able to provide evidence of a lower value, this should be used.
# [small business], [tax time 2016]
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