Insight Accounting Pty Ltd is a CPA Practice

Beaconsfield (03) 9707 0555

Cranbourne (03) 5995 2700

Pakenham (03) 5940 4555

Warragul (03) 5622 1793

Taking stock for private use

The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes.

This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.

It 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 2015-16 income year.

Type of business Amount (excluding GST) for adult/child over 16 years
$
Amount (excluding GST) for child 4-16
years
$
Bakery 1,350 675
Butcher 800 400
Restaurant/cafe (licensed) 4,580 1,750
Restaurant/cafe (unlicensed) 3,500 1,750
Caterer 3,790 1,895
Delicatessen 3,500 1,750
Fruiterer/greengrocer 790 395
Takeaway food shop 3,410 1,705
Mixed business (includes milk bar, general store and convenience store) 4,230 2,115

 

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.

 

DISCLAIMER: All information provided in this publication is of a general nature only and is not personal financial or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this publication (including Taxpayers Australia Incorporated, each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information. The Copyright is owned exclusively by Taxpayers Australia Ltd (ABN 96 075 950 284).


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