On 15 April 2015 the ATO released a taxation determination setting out the values of goods taken from stock for the 2014-2015 income year: TD 2015/9 “Income tax: value of goods taken from stock for private use for the 2014-15 income year”.
It was not previously released in draft form.
The determination provides an update of amounts that the Commissioner will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in the following industries:
- Restaurant/cafe (licensed)
- Restaurant/cafe (unlicensed)
- Takeaway food shop
- Mixed business (includes milk bar, general store and convenience store).