Newsletter
October 2012 Newsletter
Goods taken from stock for private use
The ATO has updated the amounts that the Commissioner will accept for 2011–2012 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries.
For example, for a restaurant/cafe (licensed) the Commissioner will accept $4,300 (excluding GST) for each adult or child over 16 years of age. Note that the ATO intends to adjust these values annually.