Taxation Ruling
IT 2421
Income tax : value of goods taken from stock for private use
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FOI status:
May be releasedFOI number: I 1206354RULING
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
Business | Adult/Child over 16 | Child 4-16 yrs |
---|---|---|
Baker | 156 | 78 |
Baker and Pastry Cook | 260 | 130 |
Butcher | 364 | 182 |
Cafe/Restaurant | 1508 | 754 |
Caterer | 1508 | 754 |
Chemist | 208 | 104 |
Coffee Lounge | 572 | 286 |
Delicatessen | 1144 | 572 |
Fish Shop | 364 | 182 |
Fruiter/Greengrocer | 572 | 286 |
General Store | 1144 | 572 |
Grocer | 1144 | 572 |
Health Food Store | 1144 | 572 |
Milk Bar | 572 | 286 |
Milk Vendor | 156 | 78 |
Mixed Business | 1144 | 572 |
Pastry Cook | 208 | 104 |
Pizza Parlours | 1144 | 572 |
Takeaways | 1144 | 572 |
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