Income Tax Assessment Act 1997



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 70-55   Working out the cost of natural increase of live stock  

The cost of an animal you hold as *live stock that you acquired by natural increase is whichever of these you elect:

(a) the actual cost of the animal;

(b) the cost prescribed by the regulations for each animal in the applicable class of live stock.

However, if you incur a service fee for insemination and, as a result, acquire a horse by natural increase, its cost is the greater of:

(a) the amount worked out under subsection (1); and

(b) the part of the service fee that is attributable to your acquiring the horse.

An election under this section must be made by the time you lodge your *income tax return for the income year in which you acquired the animal. However, the Commissioner can allow you to make it later.


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