Value of goods taken from stock for private use for the 2020–21 income year
The ATO have released their annual Tax Determination which outlines the amounts that the Commissioner will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in named industries for the 2020/2021 tax year.
Whilst the ATO recognises that greater or lesser values may be appropriate in particular cases, the values contained in the schedule below can be used where suitable records of consumed stock have not been kept.
|Type of business||Adult/Child over 16 years||Child 4 to 16 years|
|Takeaway food shop||$3,670||$1,835|
|Mixed business (includes milk bar, general store and convenience store)||$4,460||$2,230|
The amounts above exclude GST.
Taxpayers who can justify a lower value for goods taken from stock than that shown in the schedule should use the lower amount. Where the value of goods used is significantly greater, the actual amount should be used.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances