Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

Division 70 - Trading stock  

Subdivision 70-C - Accounting for trading stock you hold at the start or end of the income year  

Special valuation rules

SECTION 70-60   Valuation of horse breeding stock  

70-60(1)    
For a horse at least 3 years old that you acquired under a contract and hold for breeding, you can elect a value other than the values in section 70-45 .

70-60(2)    
The value you can elect for the horse at the end of the income year is worked out using the table:

Value of horse breeding stock
If the horse is:	… you can value it at this amount:
female 12 years or over	$ 1
.
any other horse	the * horse opening value less the * horse reduction amount (see section 70-65)

70-60(3)    
However, if the value worked out under subsection (2) would be less than $ 1, you must elect the value of $ 1.

70-60(4)    
A horse's age is to be measured in whole years as at the end of the relevant income year. The age of a horse not born on 1 August is determined as if the horse had been born on the last 1 August before it was actually born.