BONUS ARTICLE – Taken stock for private use? Here’s the values to use for 2014-15
The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries.
The table below should be used to work out these values for the 2014-15 income year.
|Type of business||Amount (excluding GST) for adult/child over 16 years
|Amount (excluding GST) for child 4-16
|Takeaway food shop||3,350||1,675|
|Mixed business (includes milk bar, general store and convenience store)||4,170||2,085|
The basis for determining these values is the Household Expenditure Survey results issued by the Australian Bureau of Statistics, adjusted for Consumer Price Index movements for each category. Note that the Tax Office 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.