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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:

“When farming or lending livestock, this law applies to your farming business.”

This part of the law applies to you when you own or run a farming business and have livestock for farming. You must be farming the livestock as part of your normal business. This part also applies when you own livestock and lend it to someone else under an agreement. The law divides livestock into different types, such as specified livestock, non-specified livestock, high-priced livestock, and bloodstock. You can find more information about this law by looking at the Income Tax Act 2007 and the changes made to it by the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 and the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025.

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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.

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EC 2: Valuation of livestock, or

"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 livestock when—

  2. a person who owns or carries on a farming business, other than a livestock dealing business, holds livestock for the purposes of farming that livestock in the ordinary course of carrying on the farming business:
    1. a person who owns livestock bails that livestock to another person under a bailment, lease, or other agreement.

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

      2. 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 47(1) (and see section 47(2) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).