The ATO has recently released the amounts which it will accept as estimates of the value of goods taken from trading stock for private use for the 2013/14 income year by taxpayers in specific industries.
In the table below are the amounts the Commissioner will accept as estimates which are industry specific:
The way in which individual Taxpayers will be required to report the above amounts will depend on individual circumstances and your current structure. If this applies to you please contact your Client Manager in order to discuss this further.
This article was written by Alicia Richards, an Accountant at our Burleigh Office. Alicia completed her Bachelor of Commerce at Griffith University and has been with us at McKern & Associates for the past 5 years. Alicia enjoys spending time with family and friends and going to the beach.