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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - Herd scheme

EC 15: Determining national average market values

You could also call this:

“How the Commissioner sets yearly average market values for farm animals”

The Commissioner must decide on a national average market value each year for different types of farm animals. You can find the list of these animal types in schedule 17. This value applies to the whole year, even if the Commissioner decides on it after the year has started.

When the Commissioner makes this decision, it becomes a type of law called secondary legislation. You can find out more about how this type of law is published in Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514376.

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EC 14: Herd scheme, or

“Rules for valuing farm animals using the herd scheme”

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EC 16: Valuation under herd scheme, or

“How to value herd livestock at the start and end of the income year”

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

EC 15Determining national average market values

  1. The Commissioner must determine a national average market value for an income year for each class of specified livestock set out in schedule 17, column 2 (Types and classes of livestock).

  2. The value applies to the income year for which it is determined, whether the income year started before, on, or after the date on which the determination is made.

  3. A determination under subsection (1) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Compare
Notes
  • Section EC 15(3) heading: inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
  • Section EC 15(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).