Goods taken for private use – 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.

Note that the Tax Office recognises that greater or lesser values may be appropriate in particular cases, and you 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.

And the Tax Office says that where the value of goods ex-stock would be significantly greater, the actual amount can be used, without sticking to the schedule.

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
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