This statement describes the options available for taxpayers who are in the business of farming to value the livestock that they have on hand at balance date. The statement also replaces a number of items previously published by the Commissioner on this topic.

According to CA ANZ, the new statement will fill a void that currently exists in terms of Inland Revenue publications on rural sector tax matters. It will be useful for practitioners.

CA ANZ suggests some aspects of the item be reviewed and clarified with additional references and recommends that it is not issued in final form immediately and that time is taken to develop additional examples and allow for any potential law changes.