The determination is made in terms of section EC 23 of the Income Tax Act 2007.
It shall apply to any specified livestock on hand at the end of the 2010-2011 income year where the taxpayer has elected to value that livestock under the national standard cost scheme for that income year.
The determination can be viewed in Inland Revenue’s Tax Information Bulletin, Vol. 23, No. 2, of March 2011 or at
www.ird.govt.nz/technical-tax/determinations/livestock/
national-standard/