Trading stock - Goods applied for private use

The ATO sets out an amount for value of goods taken from trading stock for private use. The amount varies depending on the type of business. For year end 30 June 2008 the amounts are as follows:

Type of business-------$ per adult/child > 16----$ per child 4-16
_______________________________________________
Bakery............................1040.............................520
Butcher.............................700.............................350
Restaurant/Cafe (lic.).......3570............................1425
Restaurant/Cafe (oth)......2850............................1425
Caterer...........................3100...........................1550
Delicatessen....................2850...........................1425
Vegie Shop......................750..............................375
Takeaway shop................2700...........................1350
Mixed bus. (incl. milk
bar, gen. store)................3400...........................1700

These amounts must be included in a business tax return either as other income or reducing the costs of sales.

By David Maynard
My Tax Zone

Copyright 2014. My Tax Zone.