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EC 22: National standard cost scheme
or “How to value livestock using nationally set costs”
You could also call this:

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

The Commissioner decides how much it costs to raise different types of farm animals listed in schedule 18. When deciding these costs, the Commissioner thinks about how much it costs to breed, raise, and grow the animals.

These costs are called national standard costs. They apply to the year the Commissioner decides on them, even if the year has already started or finished.

The Commissioner’s decision about these costs is a type of law. You can find out more about how this law is published by looking at Part 3 of the Legislation Act 2019.

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Next up: EC 24: Methods for determining costs using national standard cost scheme

or “How the Commissioner calculates livestock costs under the national standard cost scheme”
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Part E Timing and quantifying rules
Valuation of livestock: National standard cost scheme

EC 23Determining national standard costs

  1. The Commissioner must determine national standard costs for each category of specified livestock in schedule 18 (Categories of livestock for which national standard costs to be declared). The determination must take into account, as applicable,—

  2. the average breeding, rearing, and growing costs for animals in the category; and
    1. the average rearing and growing costs for animals in the category.

      1. The national standard costs apply to the income year for which they are determined, whether the income year started before, on, or after the date on which the determination is made.

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

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      Notes
      • Section EC 23(3) heading: inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
      • Section EC 23(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).