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Value of goods taken from stock for private use

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In Taxation Determination TD 2020/1, the ATO has updated the amounts that it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers for certain industries in the 2019/20 year. The updated amounts are set out in the following table:

TYPE OF BUSINESS

AMOUNT (EXCLUDING GST) FOR ADULT/CHILD OVER 16 YEARS

AMOUNT (EXCLUDING GST) FOR CHILD 4 to16 YEARS OLD

Bakery

$1,350

$675

Butcher

$850

$425

Restaurant/café (licensed)

$4,640

$1,750

Restaurant/café (unlicensed)

$3,500

$1,750

Caterer

$3,790

$1,895

Delicatessen

$3,500

$1,750

Fruiterer/greengrocer

$880

$440

Takeaway food shop

$3,440

$1,720

Mixed business (includes milk bar, general store and convenience store)

$4,260

$2,130

 

The ATO recognises that greater or lesser values may be appropriate in particular cases. Taxpayers may be able to justify a lower value for goods taken from stock than that shown in the schedule. In that case, the lower amount should be used. Where the value of goods ex-stock would be significantly greater, the actual amount should be used.

Source: www.ato.gov.au

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