Taxation Ruling
IT 2659
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that the PDF version is the authorised consolidated version of this ruling and amending notices.This document has been Withdrawn.View the Withdrawal notice for this document.
FOI status:
May be releasedFOI number: I 1012924RULING
Taxation Rulings Nos IT 2174, IT 2421 and IT 2580 provided schedules of amounts that might be expected to be returned for income tax purposes for goods taken from stock for private use, by the proprietors of those types of businesses listed in the Rulings. These amounts applied to assessments made in respect of the income years ended 30 June 1986 to 1990.
2. The amounts listed in the schedule in IT 2580 may be used as a guide to the values of goods ex-stock that could be expected to be taken into account in determining taxable incomes for the year ended 30 June 1991. Those values are reproduced in a schedule to this Ruling. The values should be brought to account either by inclusion in sales or by deduction from purchases. This Ruling recognises the fact that in many cases it is difficult for accurate records to be kept of transactions involving goods taken from stock for private use.
3. It is also recognised that greater or lesser values may be appropriate in particular cases. Taxpayers may be able to justify a lower value for goods taken from stock than that shown in the schedule. In that case the lower amount should be used. Where the value of goods ex-stock would be significantly greater, the actual amount should be used.
4. It should be pointed out that these indexed values should only be used as a guide. In the context of self assessment, each taxpayer should be able to demonstrate that the value attributed to goods taken from stock for private use was fair and reasonable. Taxpayers should always have regard to their own circumstances when determining the appropriate value.
5. The values listed in the schedule below should also be used as a guide for future years until updated by a new Ruling.
COMMISSIONER OF TAXATION
21 November 1991
APPENDIX
SCHEDULE
Business | Adult/Child over 16 yrs | Child 4-16 yrs |
---|---|---|
Baker | 178 | 89 |
Baker/Pastry Cook | 296 | 148 |
Butcher | 415 | 207 |
Cafe Restaurant | 1720 | 860 |
Caterer | 1720 | 860 |
Chemist | 246 | 123 |
Coffee Lounge | 652 | 326 |
Delicatessen | 1305 | 652 |
Fish Shop | 416 | 208 |
Fruiterer/Green Grocer | 652 | 326 |
General Store | 1305 | 652 |
Grocer | 1305 | 652 |
Health Food | 1305 | 652 |
Milk Bar | 652 | 326 |
Milk Vendor | 178 | 89 |
Mixed Business | 1305 | 652 |
Pastry Cook | 237 | 118 |
Pizza Parlour | 1305 | 652 |
Take-away | 1305 | 652 |
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).