Goods taken from private stock
Taxation Determination TD 2013/3 updates the amounts the Commissioner will accept for 2012–2013 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 | 1,310 | 655 |
| butcher | 780 | 390 |
| Restaurant/cafe (licensed) | 4,350 | 1,695 |
| Restaurant/cafe (unlicensed) | 3,390 | 1,695 |
| Caterer | 3,670 | 1,835 |
| Delicatessen | 3,390 | 1,695 |
| Fruiterer/greengrocer | 760 | 380 |
| Takeaway food shop | 3,270 | 1,635 |
| Mixed business (includes a milk bar, general store or convenience store) | 4,070 | 2,035 |
The ATO says it recognises that greater or lesser values may be appropriate in particular cases. It says that where taxpayers are able to justify a value of goods taken from stock that is lower than that shown in the Taxation Determination, the lower amount should be used. Where the value of goods ex-stock is significantly greater, the ATO says the actual amount should be used.
The ATO intends to adjust the values annually.
Source: Taxation Determination TD 2013/3, http://law.ato.gov.au/pdf/pbr/td2013-003.pdf, 6 February 2013.
