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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