Goods Taken for Private Use

Inland Revenue require you to adjust your financial statements to take into account the value of goods taken from trading stock for private use.

 

This particularly applies to industries like:

 

  • Bakery
  • Butcher
  • Caterer
  • Deli
  • Fruiterer/greengrocer
  • Mixed business (eg general store)
  • Restaurant/café
  • Takeaway food shop

 An adjustment has to be made in your GST return and your financial statements to allow for goods taken from stock for private use.  Taxpayers should ensure that the value of goods taken from stock for private use is fair and reasonable and have regard to your own circumstances.

 

You may be required to justify the figure with Inland Revenue.

< back to articles