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.
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 2023-24 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.
|
Type of business |
Amount ($) (ex GST) for adult/child >16 years |
Amount ($) (ex GST) for child 4-16 years |
|
Bakery |
$1,520 |
$760 |
|
Butcher |
$1,030 |
$515 |
|
Restaurant/cafe (licensed) |
$5,160 |
$2,090 |
|
Restaurant/cafe(unlicensed) |
$4,180 |
$2,090 |
|
Caterer |
$4,410 |
$2,205 |
|
Delicatessen |
$4,180 |
$2,090 |
|
Fruiterer/ greengrocer |
$1,040 |
$520 |
|
Takeaway food shop |
$4,290 |
$2,145 |
|
Mixed business (incl milk bar, general store, convenience store) |
$5,200 |
$2,600 |
If you have any questions regarding this issue, please reach out to us for guidance.
Harper Group Pty Ltd – Chartered Accountants Frankston - Ph 9770 1547
Disclaimer: All information provided in this article is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.
Please note we at Harper Group Pty Ltd are not licensed to provide financial product advice under the Corporations Act 2001 (Cth) and taxation is only one of the matters that must be considered when making a decision on a financial product, including on whether to make superannuation contributions. You should consider taking advice from the holder of an Australian financial services licence before making a decision on a financial product.