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 $|
|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