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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.
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.
|Classes of Livestock||Average Market
Value per Head
|Ram and wether hoggets||119.00|
|Mixed-age ewes (rising three-year and four-year old ewes)||160.00|
|Rising five-year and older ewes||142.00|
|Beef breeds and beef crosses:|
|Rising one-year heifers||735.00|
|Rising two-year heifers||1,137.00|
|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|
|Friesian and related breeds, Jersey and other dairy breeds:|
|Rising one-year heifers||691.00|
|Rising two-year heifers||1,313.00|
|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|
|Red deer, wapiti, elk and related crossbreeds:|
|Rising one-year hinds||380.00|
|Rising two-year hinds||511.00|
|Rising one-year stags||396.00|
|Rising two-year and older stags (non-breeding)||627.00|
|Rising one-year hinds||343.00|
|Rising two-year hinds||457.00|
|Rising one-year stags||356.00|
|Rising two-year and older stags (non-breeding)||463.00|
|Angora and angora crosses (mohair producing):|
|Rising one-year does||62.00|
|Rising one-year bucks (non-breeding)/wethers||52.00|
|Bucks (non-breeding)/wethers over one year||51.00|
|Other fibre and meat producing goats (cashmere or cashgora producing):|
|Rising one-year does||59.00|
|Rising one-year bucks (non-breeding)/wethers||51.00|
|Bucks (non-breeding)/wethers over one year||63.00|
|Milking (dairy) goats:|
|Rising one-year does||301.00|
|Does over one year||383.00|
|Other dairy goats (culls)||42.00|
|Breeding sows less than one year of age||286.00|
|Breeding sows over one year||358.00|
|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.