Taxation Determination

TD 98/17

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

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FOI status:

may be releasedFOI number: I 1017630

Preamble

This Taxation Determination is not a 'public ruling' for the purposes of Part IVAAA of the Taxation Administration Act 1953 and is not legally binding on the Commissioner. Taxation Rulings TR 92/1 and TR 97/16 together explain when a Determination is a public ruling and how it is binding on the Commissioner.

Date of Effect

This Determination applies for the 1997-98 income year.

1. This Taxation Determination, which updates the Schedule to Taxation Ruling IT 2659, should be read with IT 2659.

2. Below is a Schedule for the value of goods taken from trading stock for private use in the 1997-98 income year:

Type of business Adult/child over 16 years Child 4-16 years
Baker 203 102
Baker and pastry cook 338 169
Butcher 474 237
Cafe/restaurant 1965 983
Caterer 1965 983
Chemist 281 141
Coffee lounge 745 372
Delicatessen 1491 745
Fish shop 475 238
Fruiterer/greengrocer 745 372
General store 1491 745
Grocer 1491 745
Health food store 1491 745
Milk bar 745 372
Milk vendor 203 102
Mixed business 1491 745
Pastry cook 271 135
Pizza parlour 1491 745
Takeaway 1491 745

Commissioner of Taxation
15 July 1998

Not previously released in draft form

References

ATO references:
NO NAT 98/1765-4

ISSN 1038 - 8982

Related Rulings/Determinations:

IT 2659

Subject References:
private use
trading stock
value of goods taken from stock

Legislative References:
ITAA36 25
ITAA36 51(1)
ITAA97 70-10

TD 98/17 history
  Date: Version: Change:
You are here 15 July 1998 Original ruling  
  4 May 2016 Withdrawn  

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