The Commissioner believes in drinking in moderation?

Posted on April 26, 2015 by

In Taxation Determination TD 2015/9 the Commissioner provides amounts that he will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in named industries.

This helps certain businesses estimate what trading stock has been “sold” outside the normal course of business (like eaten by the owners).

So if you are advising a licensed restaurant or cafe let them know the Commissioner expects them to drink $1,030 of alcohol each year… why? here are the two estimates from the determination

Restaurant/cafe (licensed) $4,490
Restaurant/cafe (unlicensed) $3,460

I can have imported beer now!

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About Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.
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