The ATO knows that many business owners naturally help themselves with their trading stock and use it for their 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 can 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 (including milk bar, general store, and convenience store) |
$5,200 |
$2,600 |
If you have any questions regarding this issue, please reach out to us for guidance.
Disclaimer: This update is intended as general information and is not tailored to individual circumstances. Please get in touch with us if you would like specific advice.