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.
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 each adult or child over 16 years
For each child aged between 4 and 16 years
Bakery
$1,350
$675
Butchery
$800
$400
Licensed restaurant/cafe
$4,580
$1,750
Unlicensed restaurant/cafe
$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 (including milk bar, general store and convenience store)
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.
If you would like more information on how this ruling may impact your business, get in touch with us.
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.
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.
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.
If you would like more information on how this ruling may impact your business, get in touch with us.
Peter McCarthy