Livestock Herd Scheme Values
The IRD have recently announced this year’s livestock herd scheme values and we think this is a great opportunity to update you on the latest movements. The herd scheme values are the national average market values as determined by a process involving a review of the livestock market as at 30 April.
Careful consideration needs to be given to your livestock election choices. Even though changes were made to the Herd Scheme in recent years, there is still flexibility around how to value increases in numbers – if you increase your numbers during the year you are able to choose an alternative valuation option to value that increase. Whether you take that option or you elect to value the increase using herd values will depend on a number of factors – such as:
- where we are in the cycle of livestock values (e.g. at the bottom, or at the top)
- if the increase is a permanent or a temporary one
- your longer term intentions
As the decision is clearly one that should be made on a case by case basis, we will naturally discuss your valuation options with you on review of your 2017 Financial Statements and Taxation Returns. Call MacNicol Warkworth Acccountants on (09) 425 7719 or call in and see us at 5 Lilburn Street, Warkworth, New Zealand.