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

The Tax Office has recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. The table below should be used to work out these values.

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 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.

Type of business Amount (excluding GST) for adult/child over 16 years $ Amount (excluding GST) for child 4-16
years $
Bakery 1,310 655
Butcher 780 390
Restaurant/cafe (licensed) 4,400 1,705
Restaurant/cafe (unlicensed) 3,410 1,705
Caterer 3,690 1,845
Delicatessen 3,410 1,705
Fruiterer/greengrocer 760 380
Takeaway food shop 3,300 1,650
Mixed business (includes milk bar, general store and convenience store) 4,070 2,035