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Taken goods for private use? Here’s the latest values
Posted by Team AVS on 4 Mar, 2021 0 CommentsThe 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.
It 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 2019-20 income year.
Type
Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined.
Many tax laws require the taxpayer to determine the market value of something. Common instances include:
for individuals – transfers of real estate or shares between related parties, such as family members
for employees – non-cash benefit transact
Many tax laws require the taxpayer to determine the market value of something. Common instances include:
for individuals – transfers of real estate or shares between related parties, such as family members
for employees – non-cash benefit transact
