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  • Valuing livestock

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Stock on hand

    You can choose to value livestock on hand at the end of the income year at cost, market selling value or replacement value. An additional option is available for certain horse breeding stock. You may change the basis of valuation year by year and different valuation bases may be adopted in respect of individual items of livestock. At 1 July 2001, the value of livestock on hand should be the same as the assessed value at 30 June 2001.

    Stock killed for rations or exchanged for goods and services

    In these circumstances, you are treated as if you had disposed of the stock at its cost.

    Natural increase

    Natural increases of stock during the year can be valued at cost, market selling value or replacement value. Cost is whichever of the following you elect:

    • actual cost of the animal or
    • cost prescribed by the regulations (cattle, horses and deer $20; pigs $12; emus $8; goats and sheep $4; poultry 35 cents).

    If your business involves breeding exotic animals-for example, ostriches or alpacas-ring the ATO to confirm the appropriate cost. You must value a horse acquired by natural increase and included in livestock on hand at a cost not less than the insemination service fee attributable to acquiring the horse.

    If you are eligible and elect to enter the STS, you only need to account for changes in the value of your trading stock (including livestock) if the value of all your stock on hand at the start of the income year and a reasonable estimate of the value of all your stock on hand at the end of the income year varies by more than $5,000.

    Last modified: 28 Oct 2003QC 27421