Private use of business stock
Using stock for private use
If you take items of trading stock for your own use, you need to record the value of the stock (excluding GST) so you can include it as part of your assessable income in your income tax returns.
Including this amount may help prevent you from falling outside of the ATO's small business benchmarks. If you cannot provide records, you can use the ATO's estimates which they update annually for the following industries:
- takeaway food shop
- mixed business (includes milk bar, general store and convenience store).
Manage your tax effectively with Flor-Hanly Accountants
Contact our accounting team in Mackay on (07) 4963 4800 or email us to arrange a complimentary discussion about how we can work with you.