• Using stock for private purposes

    If you take an item of trading stock for your private use, you need to:

    • account for it as if you had sold it
    • include the value of the item in your assessable income.

    There are alternate ways you can value this stock. You can:

    • keep records of the actual value of goods you take from your trading stock for your own private use and report that amount
    • use the amounts we provide as estimates of the value of goods you have taken (updated annually).

    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)Trading stock: valuation of goods taken from trading stock for private use by sole traders or partners in a partnership
    • TD 2017/9 Income tax: value of goods taken from stock for private use for the 2016-17 income year
    Last modified: 21 Jun 2017QC 44442