16 SEPTEMBER
NEW ZEALAND GAZETTE
2755

with the herd scheme, or the market value option or the replacement price option

The movement from the trading stock scheme to a combination of the herd scheme, national standard cost scheme, market value option or replacement price option will be accounted for by applying the provisions of paragraph 31 to the opening value of livestock on hand at the start of the 1992–93 income year.

31. Transitional inventory treatments for livestock valued under national standard cost at the end of the 1992–93 income year

In the case of an inventory grouping:

(a) In which there is only one class of livestock, the standard rules for accounting for changes in valuation over the income year will apply without adjustment;

(b) In which there is more than one class of livestock and some of the inventory grouping is to be valued under the national standard cost scheme in the 1992–93 income year, alternative treatments are to be adopted (with separate calculations for the mature inventory groupings in respect of each type of livestock) dependent upon the cost flow identification system adopted by the taxpayer in respect of the 1992–93 income year:

(i) If the FIFO system is to be used, for the purposes of calculating the value of livestock on hand at the end of the 1992–93 income year under the national standard cost scheme, the following calculation shall be undertaken with respect to each livestock class:

a – b

where—

a is the number of livestock of the taxpayer of that class on hand at the start of the 1992–93 income year; and

b is the lesser of (a) and the number of livestock of the taxpayer of the class on hand at the end of the 1992–93 income year valued under the herd scheme.

Only in the case of a class of livestock which has a positive total (a-b) is there to be an opening inventory figure equal to that positive total, to be accounted for under the national standard cost scheme and the FIFO rules, as detailed in this determination (including in particular paragraph 20).

(ii) If the average cost system is to be used, the average cost of inventory on hand at the start of the 1992–93 income year in that inventory grouping for the purposes of the national standard cost scheme shall be calculated in accordance with the following formula:

c
—
d

where—

c is the amount calculated by aggregating the amounts calculated, in respect of each class of livestock of the taxpayer in the inventory grouping, under the formula set out below; and

d is the number calculated by aggregating the number calculated, in respect of each class of livestock of the taxpayer in the inventory grouping, under subparagraph (b)(i) of this paragraph.

For the purposes of item (c) in the above formula, the amount to be included for each class of livestock of the taxpayer will be calculated as follows:

e × f

where—

e is the number calculated, in respect of the class of livestock of the taxpayer in the inventory grouping, under subparagraph (b)(i) of this paragraph; and

f is the opening value per head of livestock of the taxpayer of the class.

This average cost of opening inventory will be used in calculating the closing average cost of those livestock valued under national standard cost at the end of the 1993 income year.

This determination is signed by me on the 24th day of August 1993.

D. R. HENRY, Commissioner of Inland Revenue.

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Justice

District Courts Act 1947

Chief District Court Judge Appointed

Pursuant to section 5A of the Districts Courts Act 1947, Her Excellency the Governor-General has been pleased to appoint

Ronald Leslie Young, District Court Judge

to be the Chief District Court Judge on and from 1 October 1993.

Dated at Wellington this 31st day of August 1993.

D. A. M. GRAHAM, Minister of Justice.

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Indecent Publications Act 1963

Indecent Publications Tribunal Decision

On 1–2 December 1992, the Indecent Publications Tribunal considered the following publications:

On 13 July 1993, the Indecent Publications Tribunal considered the following publications: