Section EC 19 — Income Tax Act 2007: Chatham Islands adjustment to herd value

EC 19 Chatham Islands adjustment to herd value Adjustment for herd livestock on Chatham Islands (1) A person may adopt an adjustment for herd livestock on the Chatham Islands by giving notice in the way described in section EC 11 . When adjustment applies (2) When a person adopts a Chatham Islands adjustment as a herd value ratio, it applies as a herd value ratio to a particular type of livestock on the Chatham Islands at the end of the income year specified in the notice and in later income years until— (a) the income year in which the person stops valuing, under an election, livestock of that type in the herd scheme; or (b) the income year following 2 consecutive income years in which the person has not valued livestock of that type on the Chatham Islands under the herd scheme. Setting adjustment (3) The Commissioner must set and may vary from time to time the level of Chatham Islands adjustment to the herd value ratio that applies in an income year. Defined in this Act: Commissioner , herd livestock , herd scheme , herd value , herd value ratio , income year , livestock on the Chatham Islands , notice , type , Compare: 2004 No 35 s EC 19