This Determination, released on Wed 19.3.2014, provides an update of the amounts the Commissioner will accept for 2013-14 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. The amounts (which exclude GST) are:
|Type of Business||Adult/Child over 16 years ($)||Child 4-16 years ($)|
|Takeaway food shop||3,300||1,650|
|Mixed business (includes milk bar, general store, and convenience store)||4,100||2,050|
The Tax Office intends to adjust the values annually.
[LTN 53, 19/3/14]