Taken goods for private use? Here’s the latest values

Thursday, Jun 30, 2016

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.

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. Taken goods for private use? Here’s the latest values

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 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.