Taken goods for private use? Here’s the latest values
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.
The ATO regularly issues guidance for business owners on the value it expects will be allocated to goods taken from trading stock for private use. The table below shows these values for the 2023-24 income year.
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 ATO 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 ($) (ex GST) for adult/child >16 years | Amount ($) (ex GST) for child 4-16 years |
|---|---|---|
| Bakery | $1,520 | $760 |
| Butcher | $1,030 | $515 |
| Restaurant/cafe (licensed) | $5,160 | $2,090 |
| Restaurant/cafe(unlicensed) | $4,180 | $2,090 |
| Caterer | $4,410 | $2,205 |
| Delicatessen | $4,180 | $2,090 |
| Fruiterer/ greengrocer | $1,040 | $520 |
| Takeaway food shop | $4,290 | $2,145 |
| Mixed business* | $5,200 | $2,600 |
*Including milk bar, general store, convenience store.
Contact the TNR team if you need to discuss trading stock goods for private use.
Important: The information contained in this post / article is not advice. Readers should not act solely on the basis of material contained in this post. Items herein are general comments only and do not constitute or convey advice per se. We recommend that our formal advice be sought before acting on anything contained in this post.
