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National Average Market Values of Specified Livestock Determination 2017

Note to this determination

This note does not form part of the national average market values of specified livestock determination 2017 (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 country . 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” 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 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 livestock ). Because of the comparatively low numbers of livestock, a straight average is used for the remaining livestock types.

National Average Market Values of Specified Livestock Determination 2017

This determination may be cited as “The National Average Market Values of Specified Livestock Determination, 2017”.

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 2016-2017 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 2016-2017 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 109.00
  Ram and wether hoggets 103.00
  Two-tooth ewes 150.00
  Mixed-age ewes (rising three-year and four-year old ewes) 131.00
  Rising five-year and older ewes 110.00
  Mixed-age wethers 86.00
  Breeding rams 349.00
Beef cattle
Beef breeds and beef crosses:
  Rising one-year heifers 824.00
  Rising two-year heifers 1,171.00
  Mixed-age cows 1,431.00
  Rising one-year steers and bulls 986.00
  Rising two-year steers and bulls 1,325.00
  Rising three-year and older steers and bulls 1,614.00
  Breeding bulls 3,095.00
Dairy cattle
Friesian and related breeds, Jersey and other dairy breeds:
  Rising one-year heifers 819.00
  Rising two-year heifers 1,421.00
  Mixed-age cows 1,649.00
  Rising one-year steers and bulls 713.00
  Rising two-year steers and bulls 1,091.00
  Rising three-year and older steers and bulls 1,356.00
  Breeding bulls 1,887.00
Deer
Red deer, wapiti, elk and related crossbreeds:
  Rising one-year hinds 303.00
  Rising two-year hinds 473.00
  Mixed-age hinds 526.00
  Rising one-year stags 343.00
  Rising two-year and older stags (non-breeding) 595.00
  Breeding stags 1,861.00
Other breeds:
  Rising one-year hinds 200.00
  Rising two-year hinds 331.00
  Mixed-age hinds 375.00
  Rising one-year stags 262.00
  Rising two-year and older stags (non-breeding) 425.00
  Breeding stags 708.00
Goats
Angora and angora crosses (mohair producing):
  Rising one-year does 39.00
  Mixed-age does 59.00
  Rising one-year bucks (non-breeding)/wethers 42.00
  Bucks (non-breeding)/wethers over one year 42.00
  Breeding bucks 343.00
Other fibre and meat producing goats (cashmere or cashgora producing):
  Rising one-year does 33.00
  Mixed-age does 42.00
  Rising one-year bucks (non-breeding)/wethers 42.00
  Bucks (non-breeding)/wethers over one year 51.00
  Breeding bucks 345.00
Milking (dairy) goats:
  Rising one-year does 320.00
  Does over one year 400.00
  Breeding bucks 270.00
  Other dairy goats 20.00
Pigs
  Breeding sows less than one year of age 263.00
  Breeding sows over one year 365.00
  Breeding boars 314.00
  Weaners less than 10 weeks of age (excluding sucklings) 75.00
  Growing pigs 10 to 17 weeks of age (porkers and baconers) 143.00
  Growing pigs over 17 weeks of age (baconers) 203.00

 

This determination is signed by Vanessa Montgomery on the 17th day of May 2017.

Vanessa Montgomery
LTS Manager
Technical Standards