https://www.salisburys.net.au/wp-content/uploads/2019/08/berries-in-shop.jpg 1440 1920 Salisbury Accountants & Business Advisors https://www.salisburys.net.au/wp-content/uploads/2017/04/logo-salisburys-transparent.png Salisbury Accountants & Business Advisors2019-09-16 09:33:162019-08-27 09:40:20Using stock for private use
ATO’s small business benchmarks and stock for private use
If your business takes 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 your business 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).