Value of goods taken from stock for private use for 2010-11

On 18 May 2011, the ATO issued Taxation Determination TD 2011/11 entitled “Income tax: value of goods taken from stock for private use for the 2010-11 income year”. It was not previously issued as a draft.
The Schedule for the value of goods taken from trading stock for private use in the 2010-11 income year is:

TYPE OF BUSINESS AMOUNT (EXCLUDING GST) FOR ADULT/CHILD OVER 16 YEARS $ AMOUNT (EXCLUDING GST) FOR CHILD 4-16 YEARS $
Bakery 1,140 570
Butcher 770 385
Restaurant/cafe (licensed) 3,950 1,565
Restaurant/cafe (unlicensed) 3,130 1,565
Caterer 3,390 1,695
Delicatessen 3,130 1,565
Fruiterer/greengrocer 820 410
Takeaway food shop 2,970 1,485
Mixed business (includes milk bar, general store and convenience store) 3,750 1,875

Source: Tax Vine Newsletter 20th May 2011

Recent Comments

No Comment.

Awards

Our Location

MJA Business Solutions
Suite 2 & 3/24 Edgar Street,
Coffs Harbour NSW 2450

The Big Red Building
Cnr Mildura & Edgar St

PO Box 4504
Coffs Harbour Jetty NSW 2450

Make Appointment

Please fill up the form below.