This determination may be cited as “The National Standard Costs for Specified Livestock Determination, 2005”.
This determination is made in terms of section EL3 A (1) of the Income Tax Act 1994.
It shall apply to any specified livestock on hand at the end
of the 2004-2005 income year where the taxpayer has elected to value that livestock under the national standard cost scheme for that income year.
For the purposes of section EL3 A (1) of the Income Tax Act 1994, the national standard costs for specified livestock for the 2004-2005 income year are as set out in the following table.
Table
Kind ofLivestock Category of Livestock National Standard Cost$
Sheep Rising 1 year 22.40
Rising 2 year 15.10
Dairy Cattle Purchased bobby calves 130.90
Rising 1 year 668.00
Rising 2 year 92.90
Beef Cattle Rising 1 year 217.50
Rising 2 year 127.20
Rising 3 year male non-breeding cattle (all breeds) 127.20
Deer Rising 1 year 74.10
Rising 2 year 37.20
Goats (meatand fibre) Rising 1 year 17.70
Rising 2 year 12.10
Goats (dairy) Rising 1 year 106.40
Rising 2 year 17.20
Pigs Weaners to 10 weeks of age 79.20
Growing pigs 10 to 17 weeksof age 61.70
This determination is signed by me on the 26th day of May 2005.
MARTIN SMITH, Chief Tax Counsel.
*This determination replaces the National Standard Costs for Specified Livestock Determination 2005 signed on the 31st day of January 2005
(New Zealand Gazette, 3 February 2005, No. 32, page 770). The earlier determination was invalid, and of no effect, because it was issued in error under the Income Tax Act 2004, whereas it should have been issued under the Income Tax Act 1994, which remains in effect for the 2004 2005 and earlier income years. The national standard costs values listed in the table above have not been changed and apply for the 2004-2005 income year.