Taxation Determination TD 2018/10, issued on Wed 27.6.2018, setting out the amounts the Commissioner accepts, for the 2017-18 income year, as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries.
These amounts (which exclude GST) are:
| Business type | Adult/child over 16 years ($) | Child 4-16 years ($) |
| Bakery | $1,350 | $675 |
| Butcher | $830 | $415 |
| Restaurant/ café (licensed) | $4,640 | $1,750 |
| Restaurant/ café (unlicensed) | $3,500 | $1,750 |
| Caterer | $3,790 | $1,895 |
| Delicatessen | $3,500 | $1,750 |
| Fruiterer/greengrocer | $800 | $400 |
| Takeaway food shop | $3,430 | $1,715 |
| Mixed business (including milk bar, general store and convenience store) | $4,260 | $2,130 |
See section 262A of the Income Tax Assessment Act 1936 and Taxation Ruling TR 96/7 Income tax: record keeping – section 262A – general principles. Law Administration Practice Statement PS LA 2004/3(GA) Trading stock: valuation of goods taken from trading stock for private use by sole traders or partners in a partnership sets out the approach the Commissioner will accept for valuing trading stock that is taken for private use by sole traders or partners in a partnership.
FJM 30.6.18
[LTN 121, 27/6/18, Tax Month – June 2018]