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Livestock determinations: National average market values of specified livestock determinations

National Average Market Values of Specified Livestock Determination 2016

Note to this determination

This note does not form part of the national average market values of specified livestock determination 2016 (“the determination”) but are produced to aid taxpayers and their agents in their understanding of how the values contained in this determination are arrived at and how they should be used.

Section EC 15 of the Income Tax Act 2007 (“the Act”) requires the Commissioner of Inland Revenue (“the CIR”) to make a determination declaring the national average market values of certain types and classes of livestock (“the NAMVs”). This determination is published in May each year.

These NAMVs are used by livestock owners to value their livestock on hand where owners have elected to use the herd scheme to value livestock in an income year.

As the name of this determination suggests, NAMVs provide the national average value of the specified livestock classes. As such they may not always reflect the market value of the livestock of a particular taxpayer, or of a particular region. This being so, the values are not intended to be used for any other purpose than that for which they are produced; valuing livestock of taxpayers who have elected to value their livestock under the herd scheme in the income year for which the determination relates.

In order to ascertain the market value of the various classes of livestock the CIR contracts with a number of experienced livestock valuers situated throughout the country (38 valuers were contracted for the 2016 determination). Each valuer is asked to provide the market value of the various livestock classes located in their region. There is generally more than one valuer contracted for each region. The market valuations required are for “good quality on-farm animals” as at 30 April. From these values the CIR then calculates the national average market value for each livestock class. In the case of sheep, beef, dairy cattle and deer classes a weighted average (based on total livestock numbers for a type of livestock in that region compared to the national herd numbers for that type of livestock (numbers are based on data collated by Statistics New Zealand)) is used. Because of the relatively low numbers of livestock, a straight average is used for the remaining livestock types.

National Average Market Values of Specified Livestock Determination 2016

This determination may be cited as "National average market values of specified livestock determination, 2016".

This determination is made in terms of section EC 15 of the Income Tax Act 2007 and shall apply to specified livestock on hand at the end of the 2015-2016 income year.

For the purposes of section EC 15 of the Income Tax Act 2007 the national average market values of specified livestock, for the 2015-2016 income year, are as set out in the following table.

National average market values of specified livestock

Type of
Livestock
Classes of Livestock Average Market
Value per Head
    $
Sheep
  Ewe hoggets 92.00
  Ram and wether hoggets 84.00
  Two-tooth ewes 133.00
  Mixed-age ewes (rising three-year and four-year old ewes) 117.00
  Rising five-year and older ewes 96.00
  Mixed-age wethers 68.00
  Breeding rams 304.00
Beef cattle
Beef breeds and beef crosses:
  Rising one-year heifers 726.00
  Rising two-year heifers 1079.00
  Mixed-age cows 1,273.00
  Rising one-year steers and bulls 842.00
  Rising two-year steers and bulls 1,229.00
  Rising three-year and older steers and bulls 1,468.00
  Breeding bulls 2,571.00
Dairy cattle
Friesian and related breeds, Jersey and other dairy breeds:
  Rising one-year heifers 530.00
  Rising two-year heifers 1,077.00
  Mixed-age cows 1,356.00
  Rising one-year steers and bulls 615.00
  Rising two-year steers and bulls 1,003.00
  Rising three-year and older steers and bulls 1,295.00
  Breeding bulls 1,607.00
Deer
Red deer, wapiti, elk and related crossbreeds:
  Rising one-year hinds 223.00
  Rising two-year hinds 397.00
  Mixed-age hinds 438.00
  Rising one-year stags 263.00
  Rising two-year and older stags (non-breeding) 543.00
  Breeding stags 1,775.00
Other breeds:
  Rising one-year hinds 101.00
  Rising two-year hinds 175.00
  Mixed-age hinds 232.00
  Rising one-year stags 119.00
  Rising two-year and older stags (non-breeding) 218.00
  Breeding stags 409.00
Goats
Angora and angora crosses (mohair producing):
  Rising one-year does 41.00
  Mixed-age does 56.00
  Rising one-year bucks (non-breeding)/wethers 42.00
  Bucks (non-breeding)/wethers over one year 50.00
  Breeding bucks 321.00
Other fibre and meat producing goats (cashmere or cashgora producing):
  Rising one-year does 38.00
  Mixed-age does 52.00
  Rising one-year bucks (non-breeding)/wethers 39.00
  Bucks (non-breeding)/wethers over one year 49.00
  Breeding bucks 313.00
Milking (dairy) goats:
  Rising one-year does 350.00
  Does over one year 420.00
  Breeding bucks 280.00
  Other dairy goats 30.00
Pigs
  Breeding sows less than one year of age 223.00
  Breeding sows over one year 279.00
  Breeding boars 405.00
  Weaners less than 10 weeks of age (excluding sucklings) 77.00
  Growing pigs 10 to 17 weeks of age (porkers and baconers) 152.00
  Growing pigs over 17 weeks of age (baconers) 223.00

 

This determination is signed by Vanessa Montgomery on the 11th day of May 2016.

Vanessa Montgomery
LTS Manager
Technical Standards