Taken goods for private use? Here’s the latest values
Rudd Mantell Accountants • December 7, 2023
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.
If you’ve been keeping an eye on your super, you might be wondering whether the contribution limits are increasing this year. The answer is – not yet.
The rules surrounding the circumstances in which a home will be fully exempt from capital gains tax (CGT) are quite extensive – and complex.
If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring.
A recent decision of the tax tribunal has highlighted the requirement that in order to use the CGT small business concessions for a capital gain made on an asset used in a business, the asset must have been used, or held ready for use, in that business for the required time.
So, you have decided to knock down your home and to build a couple of townhouses instead – and maybe live in one (but will just wait and see how things pan out).
The proposed Division 296 tax, which is proposed to start on 1 July 2025, introduces an extra 15% tax on superannuation earnings above a $3 million super threshold. Everyone supports a fair and sustainable superannuation system, but the new tax is unpopular for many reasons.
From 1 July 2025, your superannuation guarantee (SG) rate is increasing to 12%. That means more money going into your super from your employer, helping you build a better nest egg for retirement.
Here are some more detailed tips relating to a couple of common claims that often attract ATO scrutiny.
When it comes to superannuation, many people assume that their retirement savings will go to their loved ones when they pass away. Sadly, this isn’t always the case. Unlike other assets that are covered by your will, your superannuation is handled separately, and if you want to ensure it goes to who you want, you need a binding death benefit nomination (BDBN).
If you have some extra cash, you might be deciding whether to make a concessional contribution to your super fund or use it to pay down your mortgage, whether on your home or holiday house. Both strategies have advantages, but the right choice depends on your personal situation. Let’s take a closer look at the options.