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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - National standard cost scheme

EC 22: National standard cost scheme

You could also call this:

“How to value livestock using nationally set costs”

You can choose to value certain types of livestock using the national standard cost scheme. However, you need to follow the rules described in section EC 9 to use this scheme.

When you use this scheme, the value of your livestock at the end of the year is calculated using a special method. The Commissioner decides how this calculation is done, as explained in section EC 24.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514397.

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Money and consumer rights > Taxes
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EC 21: Herd livestock on death before values determined, or

“Outdated rule about valuing herd livestock that died before assessment”

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EC 23: Determining national standard costs, or

“How the Commissioner sets standard costs for raising farm animals”

Part E Timing and quantifying rules
Valuation of livestock: National standard cost scheme

EC 22National standard cost scheme

  1. A person may choose to value specified livestock under the national standard cost scheme, subject to the restrictions described in section EC 9.

  2. The closing value of the livestock is the cost of the livestock calculated under the determination made by the Commissioner under section EC 24.

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