1. Ben Chou is the proprietor of a corner delicatessen which opened for business during the current financial year. Over the course of the year, Ben takes approximately $2500 for personal consumption.

You have been appointed as the tax Agent for Bens deli and as such are required to explain to Ben the treatment of trading stock which has been taken for private use or consumption by the taxpayer during the current income year. What would you be telling him?