Here is the latest (2023-24) schedule of values to be added to taxable income, to cover instances when business owners in specific industries transfer trading stock to their personal use.
This typically occurs in such businesses as bakers, butchers, grocers, general stores, delis, restaurants and cafes.
2023-24 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2023/7 applicable to the 2023-24 financial year was published on Wednesday, 22 November 2023.
| Type of Business | Amount excl. GST for Adult/Child over 16 years | Amount excl.GST for Child 4 to 16 years |
|---|---|---|
| Bakery | $1,520 | $760 |
| Butcher | $1,030 | $515 |
| Restaurant/café (licensed) | $5,160 | $2,090 |
| Restaurant/café (unlicensed) | $4,180 | $2,090 |
| Caterer | $4,410 | $2,205 |
| Delicatessen | $4,180 | $2,090 |
| Fruiterer/greengrocer | $1,040 | $520 |
| Takeaway food shop | $4,290 | $2,145 |
| Mixed business (includes milk bar, general store and convenience store) | $5,200 | $2,600 |
2022-23 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2022/15 applicable to the 2022-23 financial year was published on Wednesday, 19 October 2022.
| Type of Business | Amount excl. GST for Adult/Child over 16 years | Amount excl.GST for Child 4 to 16 years |
|---|---|---|
| Bakery | $1,360 | $680 |
| Butcher | $990 | $495 |
| Restaurant/café (licensed) | $4,830 | $1,950 |
| Restaurant/café (unlicensed) | $3,900 | $1,950 |
| Caterer | $4,120 | $2,060 |
| Delicatessen | $3,900 | $1,950 |
| Fruiterer/greengrocer | $1,010 | $505 |
| Takeaway food shop | $4,030 | $2,015 |
| Mixed business (includes milk bar, general store and convenience store) | $4,870 | $2,435 |
Private use of trading stock is a change of use, and the value of the stock consumed is added to taxable income.
To simplify tax return calculations, the Tax Office each year publishes a schedule of values (excluding GST) which assumes a level of usage by the business types listed, and assigns an arbitrary value.
The methodology for formulating the values is set out in an Appendix to the Tax Determination.
The Appendix lists the characteristics of industries included in the Schedule. The selected industries should:
- exhibit a transformation process of trading stock items (for example, baking)
- have as trading stock a range of small items or ingredients, usually of low value
- not be suited to inventory systems, and
- have a high turnover of items, often for cash
Valuations for amounts in the Schedule are derived from Household Expenditure Survey results issued by the Australian Bureau of Statistics, and adjusted for consumer price index movements for each category of items. The Surveys are used to estimate the community’s level of spending on a range of items.
Further consideration is given to the kinds of stock items likely to be present in the inventories of each of the industries on the Schedule.
These values can be used by business proprietors as the value to be added to income to cover the private usage, and avoids the need to keep records to account for actual use.
However, it is open to taxpayers declare private usage on the basis of records kept which show actual consumption, if the Schedule values do not reflect a taxpayer’s specific circumstances. See PS LA 2004/3 (GA)
Annual updates of Goods From Stock values
The Tax Office’s practice is to update and reissue the schedule as a Tax Determination annually, based on the CPI statistics. The latest issue (at the time of writing) is provided above. Previous years’ values are listed below.
2021-22 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2021/8 applicable to the 2021-22 financial year was published on Wednesday, 10 Nov 2021.
| Type of Business | Amount excl. GST for Adult/Child over 16 years | Amount excl.GST for Child 4 to 16 years |
|---|---|---|
| Bakery | $1,350 | $675 |
| Butcher | $920 | $460 |
| Restaurant/café (licensed) | $4,640 | $1,830 |
| Restaurant/café (unlicensed) | $3,660 | $1,830 |
| Caterer | $3,870 | $1,935 |
| Delicatessen | $3,660 | $1,830 |
| Fruiterer/greengrocer | $960 | $480 |
| Takeaway food shop | $3,790 | $1,895 |
| Mixed business (includes milk bar, general store and convenience store) | $4,590 | $2,295 |
2020-21 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2021/1 applicable to the 2020-21 financial year was published on Wednesday, 13 Jan 2021.
| Type of Business | Amount excl. GST for Adult/Child over 16 years | Amount excl.GST for Child 4 to 16 years |
|---|---|---|
| Bakery | $1,350 | $675 |
| Butcher | $900 | $450 |
| Restaurant/café (licensed) | $4,640 | $1,810 |
| Restaurant/café (unlicensed) | $3,620 | $1,810 |
| Caterer | $3,830 | $1,915 |
| Delicatessen | $3,620 | $1,810 |
| Fruiterer/greengrocer | $930 | $465 |
| Takeaway food shop | $3,670 | $1,835 |
| Mixed business (includes milk bar, general store and convenience store) | $4,460 | $2,230 |
2019-20 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2020/1 applicable to the 2019-20 financial year was published on Wednesday, 15 Jan 2020.
2018-19 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2019/2 applicable to the 2018-19 financial year was published on Wednesday, 27 Feb 2019.
2017-18 Year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2018/10 applicable to the 2017-18 financial year was published on Wednesday, 27 June 2018.
2016-17 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2017/9 applicable to the 2016-17 financial year was published on Wednesday, 5 April 2017.
2015-16 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2016/9 applicable to the 2015-16 financial year was published on Wednesday, 15 June 2016.
2014-15 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2015/9 applicable to the 2014-15 financial year was published on 15 April 2015.
2013-14 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2014/2 applicable to the 2013-14 financial year was released on 19 March 2014.
2012-13 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2013/3 applicable to the 2012-13 financial year was released on 6 February 2013.
2011-12 year
The Goods Taken From Stock For Own Use schedule Tax Determination TD 2012/20 applicable to the 2011-12 financial year was gazetted on 12 September 2012.
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2010-11 year
The Goods For Own Use schedule TD 2011/11 applies to the 2010-11 financial year.
See also
This page was last modified 2023-11-22