If you are in the hospitality or food provision business - did you know the ATO has benchmarks for taking stock for your personal use?  This ensures you can easily account for items you use personally without keeping endless logbooks or records.  The allowances are also very generous - here are the rates for the financial year ended 30 June 2023 (FY23) in Tax Determination TD 2022/15

The alternative is to keep records of the actual goods you take from your trading stock for your own private use - read the full details here.

Disclaimer: This information is general in nature, and this is a complex area of law, and you should scrutinize your situation carefully, so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader or email us at info@primarius.net.au if you require assistance.

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