The ATO has updated the amounts it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers for certain named industries in the 2021–22 year.
Taxation Determination TD 2021/8 sets out the following amounts applicable for 2021–22 income year:
|
Type of business |
Amount (excluding GST) for adult/child over 16 years |
Amount (excluding GST) for child 4–16 years |
|
Restaurant/café (licensed) |
$4,640 |
$1,830 |
|
Restaurant/café (unlicensed) |
$3,660 |
$1,830 |
|
Mixed business (includes milk bar, general store, and convenience store) |
$4,590 |
$2,295 |
The ATO recognises that greater or lesser values may be appropriate in particular cases. Taxpayers may be able to justify a lower value for goods taken from stock than that shown in the schedule. In that case, the lower amount should be used. Where the value of goods ex-stock would be significantly greater, the actual amount should be used.
Withdrawal of taxation determinations
The ATO has also withdrawn the following taxation determinations with effect from 11 November 2021:
• Taxation Determination TD 2014/2 Income tax: value of goods taken from stock for private use for the 2013–14 income year
• Taxation Determination TD 2015/9 Income tax: value of goods taken from stock for private use for the 2014–15 income year, and
• Taxation Determination TD 2016/9 Income tax: value of goods taken from stock for private use for the 2015–16 income year.
Sources: Taxation Determination TD 2021/8 and Withdrawal of Taxation Determination TD 2014/2, TD 2015/9 and TD 2016/9, ATO website, 10 November 2021, accessed 10 November 2021.
