Goods Taken From Stock for Private Use: 2015/16
The ATO has provided an update of the amounts it will accept for 2015/16 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. these figures are only applicable for sole traders and partners in a partnership structure. Where individuals take trading stock of other entities (e.g. companies or trusts) for private consumption, s70.110 will not apply and the market value of the trading stock must be included int he taxpayer’s assessable income under s70-90 of the ITAA 1997. In these circumstances, where the relevant individual is also an employee or associate for the entity and the goods are provided to them in that capacity, then any FBT consequences should be considered.
The amounts (which exclude GST) are:
| Type of Business | Adult/Child over 16 years | Child 4–16 years |
| Bakery | 1,350 | 675 |
| Butcher | 800 | 400 |
| Restaurant/cafe (licensed) | 4,580 | 1,750 |
| Restaurant/cafe (unlicensed) | 3,500 | 1,750 |
| Caterer | 3,790 | 1,895 |
| Delicatessen | 3,500 | 1,750 |
| Fruiterer/greengrocer | 790 | 395 |
| Takeaway food shop | 3,410 | 1,705 |
| Mixed business(includes milk bar, general store, and convenience store) | 4,230 | 2,115 |
The ATO recognises that greater or lesser values may be appropriate in particular cases. It says it will adjust the values annually.
“Disclaimer: The information is provided by the ATO”
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We can help you to meet your obligations to the Australian Tax Office, while at the same time ensuring that you claim every deduction to which you are entitled.
| 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. |