• Using stock for private purposes

    If you take an item of trading stock for your private use, you must account for it as if you sold it and include the value of the item in your assessable income.

    You can record the actual value of goods you take from your trading stock for your own private use and report that amount. Or, you can use the amounts we accept as estimates of the value of goods you take.

    Table 3: Amounts we accept as estimates

    Type of business

    Amount (excluding GST)

    For each adult or child over 16 years

    For each child aged between 4 and 16 years

    Bakery

    $1,350

    $675

    Butchery

    $800

    $400

    Licensed restaurant/cafe

    $4,580

    $1,750

    Unlicensed restaurant/cafe

    $3,500

    $1,750

    Caterer

    $3,790

    $1,895

    Delicatessen

    $3,500

    $1,750

    Fruiterer/greengrocer

    $790

    $395

    Takeaway food shop

    $3,410

    $1,705

    Mixed business (including milk bar, general store and convenience store)

    $4,230

    $2,115

    We update these amounts annually. The above figures are current for the 2015–16 year.

    If you're a primary producer and you slaughter livestock for your own consumption, you must account for it as though you disposed of it at its cost.

    See also:

    • PS LA 2004/3 (GA)The valuation of goods taken from trading stock for private use by sole traders or partners in a partnership
    • TD 2014/2 Income tax: value of goods taken from stock for private use for the 2013–14 income year
    Last modified: 31 Aug 2016QC 44442