Using 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:

  • bakery
  • butcher
  • restaurant/café
  • caterer
  • delicatessen
  • fruiterer/greengrocer
  • takeaway food shop
  • mixed business (includes milk bar, general store, and convenience store).

If your industry isn’t represented in the ATO’s benchmarks, you can use the information in their annual publication Taxation statistics or call the team at Salisbury Accountants in Albury NSW to determine your position within the ATO’s small business benchmarks.

Source ATO