If you transfer specified livestock as part of a relationship property settlement and you valued it under the herd scheme, then sections EC 4B and EC 4C apply to you. These sections relate to livestock. You need to follow these rules when transferring the 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=DLM1516357.

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FB 14: Specified livestock, or

"What 'specified livestock' means in the Income Tax Act 2007"

FB 16: Non-specified livestock, or

"Rules for income from livestock when a relationship ends"

Part FRecharacterisation of certain transactions
Transfers of relationship property

FB 15Specified livestock valued under herd scheme

If specified livestock is transferred on a settlement of relationship property and the specified livestock is valued under the herd scheme by the transferor, then sections EC 4B and EC 4C (which relate to livestock) apply.

Notes

Section FB 15: replaced (with effect on 28 March 2012), on 17 July 2013, by section 55 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).
Section FB 15: amended, on 30 June 2014, by section 103 of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).