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EC 35: Livestock reaching national average market value and livestock no longer used for breeding
or “Valuing livestock that reaches market value or is no longer used for breeding”
You could also call this:

“Valuing young or newly purchased high-priced livestock”

This section talks about how to value high-priced livestock that are young or newly bought. If you have high-priced livestock that is less than 1 year old at the end of the income year when you got it, this rule applies to you.

The rule also applies if you bought high-priced livestock within 6 months of the end of an income year. But only if, during that time, you didn’t use male animals for insemination, didn’t collect semen from them, and the female animals didn’t give birth or have eggs taken from them.

At the end of the income year, you need to value this high-priced livestock. The value you should use is the price you paid for it. This is called the cost price.

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Next up: EC 37: Bailment

or “ Rules for farm animals include both regular and expensive livestock ”
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Part E Timing and quantifying rules
Valuation of livestock: Definitions

EC 36Immature livestock and recently acquired livestock

  1. This section applies to high-priced livestock that is less than 1 year old at the end of the income year in which it is acquired.

  2. This section also applies to high-priced livestock that is acquired within 6 months of the end of an income year and, during that time,—

  3. is not used for insemination, in the case of male livestock; and
    1. is not used for the collection of semen; and
      1. does not give birth; and
        1. does not have ova removed.

          1. The closing value of the high-priced livestock at the end of the income year is its cost price.

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          Notes
          • Section EC 36 heading: amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
          • Section EC 36(1): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
          • Section EC 36(2) heading: amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
          • Section EC 36(2): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).