The ATO has released a statement in regard to trading stock that is used for private use. The ATO reminds businesses that if goods are taken from trading stock and then used for personal use the value needs to be included in the assessable business income.

Value of goods taken from stock for private use for : Mr Taxman

The ATO has noticed that some businesses are not accounting for trading stock taken for personal use correctly. If this occurs then the ATO may see this as possible reason to review activities audit.

At Rubiix, we truly play a partnership role in your business. Partnerships are long term relationships where commitment and trust are the keys to success. We take this commitment seriously.

Value of goods taken from stock for private use for the income year - TD /2 - The Tax Institute

News Blog Industry News Newsletter Client Info Business Health Checklist Download Questionnaire PDFs Contact Us Login to Dropbox Search for: Goods taken from stock for private use January 23, Recent Posts GST on low value imported goods June 12, Fringe benefits FBT change and tax offsets June 12, GST on services and digital products: Contact Us Quick Contact Please leave your details below and someone will contact you soon.

Quick Links ASIC ASX ATO Centrelink Chartered Accountants Australia Exchange Rates REIV of Victoria Reserve Bank of Australia State Revenue Office Worksafe Victoria.

Another Dig Creative Website.