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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - Definitions

EC 29: Determining standard values

You could also call this:

“How the Commissioner sets yearly standard values for non-specified livestock”

The Commissioner can decide on a standard value for different types of non-specified livestock each year. This standard value applies to the year it’s set for, even if that year has already started or ended when the decision is made.

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=DLM1514423.

Topics:
Money and consumer rights > Taxes
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EC 28: Application of sections EC 29 to EC 31, or

“Rules for valuing livestock not on the specified list”

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EC 30: Closing value methods, or

“How to value your non-specified livestock at the end of the income year”

Part E Timing and quantifying rules
Valuation of livestock: Definitions

EC 29Determining standard values

  1. The Commissioner may determine a standard value for an income year for a type or category of non-specified livestock.

  2. A standard 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 standard value is determined.

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

Compare
Notes
  • Section EC 29(3) heading: inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
  • Section EC 29(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).