Value of goods taken from stock for private use

In Taxation Determination TD 2023/7, 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 2023/24 year. The updated amounts are set out in the following table:

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