Goods taken from stock for private use
A recently released Taxation Determination, TD 2012/20, provides an update regarding the amounts the Commissioner will accept for 2011–2012 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. The amounts (which exclude GST) are as follows:
|
Type of Business |
Adult/child over 16 years ($) |
Child 4–16 years ($) |
|
Bakery |
1,300 |
650 |
|
Butcher |
770 |
385 |
|
Restaurant/cafe (licensed) |
4,300 |
1,685 |
|
Restaurant/cafe (unlicensed) |
3,370 |
1,685 |
|
Caterer |
3,640 |
1,820 |
|
Delicatessen |
3,370 |
1,685 |
|
Fruiterer/greengrocer |
760 |
380 |
|
Takeaway food shop |
3,240 |
1,620 |
|
Mixed business (including milk bars, general stores and convenience stores) |
4,030 |
2,015 |
The ATO intends to adjust these values annually.
Source: ATO, Taxation Determination TD 2012/20, 12 September 2012,
