Taken goods for private use? Here’s the latest values

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 (incl milk bar, general store, convenience store)

$5,200

$2,600

If you have any questions regarding this issue, please reach out to us for guidance.

This information has been prepared without taking into account your objectives, financial situation, or needs.  Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Content in partnership with the Institute of Financial Professionals Australia (IFPA).