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
|Takeaway food shop||3,300||1,650|
|Mixed business (includes milk bar, general store and convenience store)||4,070||2,035|