Section EC 24 — Income Tax Act 2007: Methods for determining costs using national standard cost scheme

EC 24 Methods for determining costs using national standard cost scheme Determination of methods for calculation of cost (1) The Commissioner must determine the methods for calculating the cost of livestock listed in schedule 18 , column 2 (Categories of livestock for which national standard costs to be declared). Average cost (2) For the purposes of subsection (1), the determination must establish a process for finding an average cost to be applied to all specified livestock valued under the national standard cost scheme. The process must take into account— (a) the number of homebred livestock that a person has on hand at any time in an income year, applying to the number the relevant national standard costs determined under section EC 23 : (b) in addition to paragraph (a), the number in each category of livestock listed in schedule 18 , column 2 that a person has on hand at any time in an income year, applying to the number the relevant national standard costs determined under section EC 23 : (c) the number of livestock bought, applying to the number the purchase costs associated with the livestock. Content of determination (3) The matters that may be included in the determination are set out in section 91AAD of the Tax Administration Act 1994. Defined in this Act: Commissioner , income year , national standard cost scheme , specified livestock , Compare: 2004 No 35 s EC 24