Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the purposes of manufacture, sale or exchange. If you use any trading stock for personal use, you need to declare this in your business’ tax return. This is because you are treated as if you sold the trading stock to someone else, and the value of … Continue reading Are you declaring personal use of business trading stock?