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 on your 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.
The ATO updates their estimates annually for the following industries:
- takeaway food shop
- mixed business (includes milk bar, general store, and convenience store)
If you require clarification please call the Flor-Hanly team in Mackay on 07 4963 4800.