NEW ZEALAND GAZETTE

No. 36

d is the national standard cost for that income year of rising one year livestock of the type;

e is the aggregate purchase cost of livestock of the type purchased during that income year by the taxpayer which are, or would have been if still on hand, rising one year livestock of the taxpayer at the end of the income year;

f is, in the case of either beef or dairy cattle, the number of bobby calves purchased by the taxpayer during the income year; and

g is the national standard cost for the income year of acquired bobby calves.

Where (a + b - c) in the above formula results in a negative figure the average value, at the end of an income year, for the purposes of the national standard cost scheme, shall be calculated in accordance with the following formula:

e + (f × g)
---------
    c

where the items in the formula are those referred to in the first formula in this paragraph.

4. Valuation of livestock intake (excluding pigs and rising two year and three year or older male non-breeding cattle)

Livestock intake of a taxpayer of each type of livestock (excluding pigs and rising two year and rising three year or older male non-breeding cattle) shall have an average value, at the end of an income year, for the purposes of the national standard cost scheme, calculated in accordance with the following formula:

(a × b) + c + d
-------------
    a + e

where—

a is the number of rising one year livestock which are not rising one year male non-breeding cattle of the taxpayer of the type on hand at the end of the immediately preceding income year;

b is the national standard cost for that income year of rising two year livestock of the type;

c is the aggregate purchase cost of livestock of the type purchased during the income year by the taxpayer (excluding rising two year or older male non-breeding cattle and breeding sires of this livestock type which are to be valued under the herd scheme) which are, or would have been if still on hand, rising two year or older livestock of the taxpayer at the end of that income year;

d is the aggregate value for income tax purposes of rising one year livestock which are not rising one year male non-breeding cattle of the type on hand at the end of the immediately preceding income year; and

e is:

(i) in the case of dairy cattle or beef cattle, the number of livestock of the type purchased during the income year by the taxpayer (excluding rising two year and older male non-breeding cattle and breeding sires of this livestock type which are to be valued under the herd scheme) which are, or would have been if still on hand, rising two year or older livestock of the taxpayer at the end of that income year;

(ii) in the case of sheep, deer and goats, is the number of livestock of the type purchased during the income year by the taxpayer which are, or would have been if still on hand, rising one year or older livestock of the taxpayer at the end of that income year excluding breeding sires of this livestock type which are to be valued under the herd scheme.

5. Valuation of rising two year male non-breeding cattle

Rising two year male non-breeding dairy cattle

In respect of the dairy cattle livestock type, the rising two year male non-breeding cattle of this type shall have an average value, at the end of an income year, for the purposes of the national standard cost scheme, calculated in accordance with the following formula:

(a × b) + c + d
-------------
    a + e

where—

a is the number of rising one year male non-breeding dairy cattle of the taxpayer on hand at the end of the immediately preceding income year;

b is the national standard cost for the income year of rising two year male non-breeding dairy cattle;

c is the aggregate purchase cost of male non-breeding dairy cattle purchased during the income year by the taxpayer which are, or would have been if still on hand, rising two year male non-breeding dairy cattle of the taxpayer at the end of that income year;

d is the aggregate value, for income tax purposes at the end of the immediately preceding income year, of rising one year male non-breeding dairy cattle of the taxpayer on hand at the end of the immediately preceding income year; and

e is the number of male non-breeding dairy cattle purchased during the income year by the taxpayer which are, or would have been if still on hand, rising two year male non-breeding dairy cattle of the taxpayer at the end of that income year.

Rising two year male non-breeding beef cattle

In respect of the beef cattle livestock type the rising two year male non-breeding cattle of this type shall have an average value, at the end of an income year, for the purposes of the national standard cost scheme, calculated in accordance with the following formula:

(a × b) + c + d
-------------
    a + e

where—

a is the number of rising one year male non-breeding beef cattle of the taxpayer on hand at the end of the immediately preceding income year;

b is the national standard cost for the income year of rising two year male non-breeding beef cattle;

c is the aggregate purchase cost of male non-breeding beef cattle purchased during the income year by the taxpayer which are, or would have been if still on hand, rising two year male non-breeding beef cattle of the taxpayer at the end of that income year;

d is the aggregate value, for income tax purposes at the end of the immediately preceding income year, of rising one year male non-breeding beef cattle of the taxpayer on hand at the end of the immediately preceding income year; and

e is the number of male non-breeding beef cattle purchased during the income year by the taxpayer which are, or would have been if still on hand, rising two year male non-breeding beef cattle of the taxpayer at the end of that income year.

6. Valuation of livestock intake which is rising three year or older male non-breeding cattle

Rising three year or older male non-breeding dairy cattle

In respect of the dairy cattle livestock type, the livestock intake of a taxpayer, being rising three year or older male non-breeding dairy cattle, shall have an average value, at the end of an income year, for the purposes of the national standard cost scheme, calculated in accordance with the following formula:

(a × b) + c + d
-------------
    a + e