Taxation Ruling

IT 2421

Income tax : value of goods taken from stock for private use

• Please note that the PDF version is the authorised consolidated version of this ruling and amending notices.
  This document is no longer current as has been Archived.
  View the Archival notice for this document.
  This document has been Withdrawn.
  View the Withdrawal notice for this document.

FOI status:

RULING

Taxation Ruling No. IT 2174 provides a schedule of amounts to be taken into account for the year ending 30 June 1986 in respect of goods taken from stock for private use by the proprietors of the businesses listed therein. The same amounts may be used for the year ending 30 June 1987.

2. The attached schedule sets out standard values to be applied in assessments for the year ending 30 June 1988.

3. The schedule reflects the values that apply for the majority of taxpayers in the given types of business. It is nevertheless recognised that greater or lesser values may be appropriate in particular cases. In some cases taxpayers may be able to substantiate lesser values while in others the available information might suggest that greater amounts should be adopted. Each of these cases will have to be determined in the light of their own facts.

COMMISSIONER OF TAXATION
2 July 1987

APPENDIX

SCHEDULE Taxation Ruling No. IT 2421

References

ATO references:
NO 84/6490-1

Date of effect:
Immediate

Related Rulings/Determinations:

IT 2174
IT 2421W

Subject References:
VALUE OF GOODS TAKEN FROM STOCK FOR PRIVATE USE