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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - Definitions

EC 30: Closing value methods

You could also call this:

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

When you have non-specified livestock at the end of an income year, you can choose how to value it. You have four options:

  1. You can use the cost price. This is how much you paid for the livestock.

  2. You can use the replacement price. This is how much it would cost to replace the livestock.

  3. You can use the market value. This is how much you could sell the livestock for.

  4. You can use a standard value, but only if the Commissioner agrees to it.

You get to pick which of these methods you want to use to value your livestock.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514426.

Topics:
Money and consumer rights > Taxes
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EC 29: Determining standard values, or

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

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EC 31: Enhanced production, or

“Rules for valuing additional non-specified livestock due to increased production”

Part E Timing and quantifying rules
Valuation of livestock: Definitions

EC 30Closing value methods

  1. A person may choose 1 of the following methods to value non-specified livestock on hand at the end of an income year:

  2. its cost price:
    1. its replacement price:
      1. its market value:
        1. if the Commissioner agrees, its standard value.

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