{"id":5597,"date":"2021-03-09T11:32:09","date_gmt":"2021-03-09T00:32:09","guid":{"rendered":"https:\/\/mnygroup.wpengine.com\/?p=5597"},"modified":"2025-02-01T18:32:44","modified_gmt":"2025-02-01T07:32:44","slug":"taken-goods-for-private-use","status":"publish","type":"post","link":"https:\/\/mnygroup.com.au\/en\/taken-goods-for-private-use\/","title":{"rendered":"Taken Goods for Private Use? Here\u2019s the Latest Values."},"content":{"rendered":"<nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><span class=\"last\">Home<\/span><\/p><\/nav>\n<blockquote><p><span style=\"font-size: 100%;\">The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes.<\/span><\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5598\" src=\"https:\/\/mnygroup.com.au\/wp-content\/uploads\/2021\/03\/Taken-Goods-for-Private-Use-Heres-the-Latest-Values-1024x487.png\" alt=\"Taken goods for private use? Here\u2019s the latest values.\" width=\"770\" height=\"366\" \/><\/p>\n<p><span style=\"color: #000000; font-size: 100%;\">This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.<\/span><\/p>\n<p><span style=\"font-size: 100%; color: #000000;\">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 <a style=\"color: #000000;\" href=\"https:\/\/www.ato.gov.au\/law\/view\/pdf\/pbr\/td2020-001.pdf\" target=\"_blank\" rel=\"noopener\">table<\/a> at right shows these values for the 2019-20 income year.<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 100%;\">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.<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 100%;\">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.<\/span><\/p>\n<table style=\"height: 671px;\" width=\"737\">\n<tbody>\n<tr>\n<td width=\"123\"><strong>Type of\u00a0 business<\/strong><\/td>\n<td width=\"88\"><strong>Amount ($)\u00a0 <\/strong><\/p>\n<p><strong>(ex GST) for adult\/child <\/strong><\/p>\n<p><strong>&gt;16 years<\/strong><\/td>\n<td width=\"78\"><strong>Amount ($)\u00a0 <\/strong><\/p>\n<p><strong>(ex GST) for child 4-16<\/strong> <strong>years<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Bakery<\/td>\n<td width=\"88\">1,350<\/td>\n<td width=\"78\">675<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Butcher<\/td>\n<td width=\"88\">850<\/td>\n<td width=\"78\">425<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Restaurant\/cafe (licensed)<\/td>\n<td width=\"88\">4,640<\/td>\n<td width=\"78\">1,750<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Restaurant\/cafe (unlicensed)<\/td>\n<td width=\"88\">3,500<\/td>\n<td width=\"78\">1,750<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Caterer<\/td>\n<td width=\"88\">3,790<\/td>\n<td width=\"78\">1,895<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Delicatessen<\/td>\n<td width=\"88\">3,500<\/td>\n<td width=\"78\">1,750<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Fruiterer\/ greengrocer<\/td>\n<td width=\"88\">880<\/td>\n<td width=\"78\">440<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Takeaway food shop<\/td>\n<td width=\"88\">3,440<\/td>\n<td width=\"78\">1,720<\/td>\n<\/tr>\n<tr>\n<td width=\"123\">Mixed business<\/p>\n<p>(incl milk bar, general store, convenience store)<\/td>\n<td width=\"88\">4,260<\/td>\n<td width=\"78\">2,130<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong><em><span style=\"color: #000000;\">Related Resource:<\/span><\/em><\/strong><\/p>\n<p><span style=\"color: #0000ff;\"><em><a style=\"color: #0000ff;\" href=\"https:\/\/www.ato.gov.au\/law\/view\/view.htm?docid=%22TXD%2FTD20201%2FNAT%2FATO%2F00001%22\" target=\"_blank\" rel=\"noopener\">TD 2020\/1<\/a><\/em><\/span><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/mnygroup.com.au\/\">www.mnygroup.com<\/a><\/strong><\/p>\n<p><span style=\"color: #999999;\"><em>This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":2,"featured_media":5598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1691],"tags":[1410],"class_list":["post-5597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-tax","tag-ato-administration","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-20"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/5597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/comments?post=5597"}],"version-history":[{"count":0,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/posts\/5597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media\/5598"}],"wp:attachment":[{"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/media?parent=5597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/categories?post=5597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnygroup.com.au\/en\/wp-json\/wp\/v2\/tags?post=5597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}