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National Average Market Values of Specified Livestock Determination 2019

Note to this determination

This note does not form part of the national average market values of specified livestock determination 2019 (the determination) but are produced to aid Inland Revenue staff, 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 (CIR) to make a determination declaring the national average market values (NAMV) of certain types and classes of livestock. 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 market value of 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 country¹. Each valuer is asked to provide the market value of the various specified 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 (capital stock)” 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 (red, wapiti and elk) classes a weighted average is used (based on total livestock numbers for a type of livestock in that region compared to the national herd numbers for that type of livestock²). Because of the comparatively low numbers of livestock, a straight average is used for the remaining livestock types.

1 38 valuations were obtained for the 2018 determination.

2 Numbers are based on data collated by Statistics New Zealand.

National Average Market Values of Specified Livestock Determination 2019

This determination may be cited as “The National Average Market Values of Specified Livestock Determination, 2019”.

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 2018-2019 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 2018-2019 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 135.00
  Ram and wether hoggets 125.00
  Two-tooth ewes 214.00
  Mixed-age ewes (rising three-year and four-year old ewes) 190.00
  Rising five-year and older ewes 164.00
  Mixed-age wethers 124.00
  Breeding rams 338.00
Beef cattle
Beef breeds and beef crosses:
  Rising one-year heifers 717.00
  Rising two-year heifers 1,097.00
  Mixed-age cows 1,355.00
  Rising one-year steers and bulls 844.00
  Rising two-year steers and bulls 1,209.00
  Rising three-year and older steers and bulls 1,513.00
  Breeding bulls 3,407.00
Dairy cattle
Friesian and related breeds, Jersey and other dairy breeds:
  Rising one-year heifers 685.00
  Rising two-year heifers 1,274.00
  Mixed-age cows 1,513.00
  Rising one-year steers and bulls 497.00
  Rising two-year steers and bulls 901.00
  Rising three-year and older steers and bulls 1,246.00
  Breeding bulls 1,789.00
Deer
Red deer, wapiti, elk and related crossbreeds:
  Rising one-year hinds 384.00
  Rising two-year hinds 559.00
  Mixed-age hinds 595.00
  Rising one-year stags 441.00
  Rising two-year and older stags (non-breeding) 662.00
  Breeding stags 2,324.00
Other breeds:
  Rising one-year hinds 206.00
  Rising two-year hinds 274.00
  Mixed-age hinds 321.00
  Rising one-year stags 230.00
  Rising two-year and older stags (non-breeding) 314.00
  Breeding stags 650.00
Goats
Angora and angora crosses (mohair producing):
  Rising one-year does 66.00
  Mixed-age does 93.00
  Rising one-year bucks (non-breeding)/wethers 51.00
  Bucks (non-breeding)/wethers over one year 62.00
  Breeding bucks 368.00
Other fibre and meat producing goats (cashmere or cashgora producing):
  Rising one-year does 58.00
  Mixed-age does 88.00
  Rising one-year bucks (non-breeding)/wethers 54.00
  Bucks (non-breeding)/wethers over one year 68.00
  Breeding bucks 313.00
Milking (dairy) goats:
  Rising one-year does 299.00
  Does over one year 414.00
  Breeding bucks 427.00
  Other dairy goats (culls) 73.00
Pigs
  Breeding sows less than one year of age 245.00
  Breeding sows over one year 309.00
  Breeding boars 462.00
  Weaners less than 10 weeks of age (excluding sucklings) 84.00
  Growing pigs 10 to 17 weeks of age (porkers and baconers) 148.00
  Growing pigs over 17 weeks of age (baconers) 195.00

This determination is signed by me on the 22nd day of May 2019.

Rob Wells
Manager
OCTC, Technical Standards