Section EC 14 — Income Tax Act 2007: Herd scheme

EC 14 Herd scheme Election to use herd scheme (1) A person may choose to value specified livestock of any type and class under the herd scheme. Election of other method (2) A person who has chosen to value livestock of a particular type under the herd scheme may nevertheless value livestock of that type by another method, subject to the restrictions described in section EC 8 . Election to leave herd scheme (3) A person who wishes to stop valuing livestock of a particular type under the herd scheme must give 2 income years’ notice to the Commissioner in the way described in section EC 11 . However, notice is not required if the person values livestock of that type by another method that is available for use in conjunction with the herd scheme. Defined in this Act: class , Commissioner , herd scheme , income year , notice , specified livestock , type , Compare: 2004 No 35 s EC 14