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National Average Market Values of Specified Livestock Determination 2018

Note to this determination

This note does not form part of the national average market values of specified livestock determination 2018 (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” 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 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 2018

This determination may be cited as “The National Average Market Values of Specified Livestock Determination, 2018”.

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 2017-2018 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 2017-2018 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 123.00
  Ram and wether hoggets 119.00
  Two-tooth ewes 179.00
  Mixed-age ewes (rising three-year and four-year old ewes) 160.00
  Rising five-year and older ewes 142.00
  Mixed-age wethers 109.00
  Breeding rams 289.00
Beef cattle
Beef breeds and beef crosses:
  Rising one-year heifers 735.00
  Rising two-year heifers 1,137.00
  Mixed-age cows 1,497.00
  Rising one-year steers and bulls 922.00
  Rising two-year steers and bulls 1,283.00
  Rising three-year and older steers and bulls 1,608.00
  Breeding bulls 3,004.00
Dairy cattle
Friesian and related breeds, Jersey and other dairy breeds:
  Rising one-year heifers 691.00
  Rising two-year heifers 1,313.00
  Mixed-age cows 1,529.00
  Rising one-year steers and bulls 581.00
  Rising two-year steers and bulls 936.00
  Rising three-year and older steers and bulls 1,320.00
  Breeding bulls 1,947.00
Deer
Red deer, wapiti, elk and related crossbreeds:
  Rising one-year hinds 380.00
  Rising two-year hinds 511.00
  Mixed-age hinds 572.00
  Rising one-year stags 396.00
  Rising two-year and older stags (non-breeding) 627.00
  Breeding stags 2,055.00
Other breeds:
  Rising one-year hinds 343.00
  Rising two-year hinds 457.00
  Mixed-age hinds 489.00
  Rising one-year stags 356.00
  Rising two-year and older stags (non-breeding) 463.00
  Breeding stags 1,103.00
Goats
Angora and angora crosses (mohair producing):
  Rising one-year does 62.00
  Mixed-age does 83.00
  Rising one-year bucks (non-breeding)/wethers 52.00
  Bucks (non-breeding)/wethers over one year 51.00
  Breeding bucks 394.00
Other fibre and meat producing goats (cashmere or cashgora producing):
  Rising one-year does 59.00
  Mixed-age does 88.00
  Rising one-year bucks (non-breeding)/wethers 51.00
  Bucks (non-breeding)/wethers over one year 63.00
  Breeding bucks 394.00
Milking (dairy) goats:
  Rising one-year does 301.00
  Does over one year 383.00
  Breeding bucks 324.00
  Other dairy goats (culls) 42.00
Pigs
  Breeding sows less than one year of age 286.00
  Breeding sows over one year 358.00
  Breeding boars 544.00
  Weaners less than 10 weeks of age (excluding sucklings) 86.00
  Growing pigs 10 to 17 weeks of age (porkers and baconers) 148.00
  Growing pigs over 17 weeks of age (baconers) 213.00

This determination is signed by me on the 15th day of May 2018.

Rob Wells
Manager
Technical Standards