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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock

EC 1: Application of this subpart

You could also call this:

“This section explains when and how the livestock valuation rules apply to businesses”

This part of the law applies to you if you own or run a business that holds livestock for selling or trading as part of your regular business activities. It doesn’t apply if your main business is selling livestock.

When this law talks about livestock, it splits them into four groups:

  1. Specified livestock
  2. Non-specified livestock
  3. High-priced livestock
  4. Bloodstock

These rules help figure out how much your livestock is worth for tax purposes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514342.

Topics:
Money and consumer rights > Taxes
Business > Industry rules
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“How to value your livestock at the end of each tax year”

Part E Timing and quantifying rules
Valuation of livestock

EC 1Application of this subpart

  1. This subpart applies to the valuation of property when a person who owns or carries on a business, other than of selling livestock, holds livestock for the purposes of sale or exchange in the ordinary course of carrying on the business.

  2. For the purposes of this subpart, livestock is divided into—

  3. specified livestock:
    1. non-specified livestock:
      1. high-priced livestock:
        1. bloodstock.

          Compare
          Notes
          • Section EC 1(1) heading: replaced (with effect on 1 April 2008), on , by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
          • Section EC 1(1): replaced (with effect on 1 April 2008), on , by section 30(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).