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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - Herd scheme

EC 14: Herd scheme

You could also call this:

“Rules for valuing farm animals using the herd scheme”

You can choose to value certain types of farm animals using something called the herd scheme. This is a special way of working out how much your animals are worth.

Even if you’ve decided to use the herd scheme for a certain type of animal, you can still use other methods to value some of those animals. But there are some rules about this that you need to follow, which you can find in section EC 8.

If you want to stop using the herd scheme for a type of animal, you need to tell the Commissioner two years before you do it. You have to tell them in the way described in section EC 11. But you don’t need to tell them if you’re going to use another method that works alongside the herd scheme.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514374.

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Part E Timing and quantifying rules
Valuation of livestock: Herd scheme

EC 14Herd scheme

  1. A person may choose to value specified livestock of any type and class under the herd scheme.

  2. A person who has chosen to value livestock of a particular type under the herd scheme may nevertheless value livestock of that type by another method, subject to the restrictions described in section EC 8.

  3. A person who wishes to stop valuing livestock of a particular type under the herd scheme must give 2 income years’ notice to the Commissioner in the way described in section EC 11. However, notice is not required if the person values livestock of that type by another method that is available for use in conjunction with the herd scheme.

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