Section EC 9 — Income Tax Act 2007: Restrictions on use of national standard cost scheme

EC 9 Restrictions on use of national standard cost scheme National standard cost scheme: first restriction on use of scheme (1) The national standard cost scheme is not available to a person to value specified livestock in an income year if they value any specified livestock in the income year under the cost price method. National standard cost scheme: second restriction on use of scheme (2) The national standard cost scheme is not available to a person to value specified livestock if, in the income year before the income year in which their election under section EC 7(2) is to apply, they have valued specified livestock under the cost price method, and have not given at least 2 income years’ notice in the way described in section EC 11 to the Commissioner of their election to value specified livestock under the national standard cost scheme. National standard cost scheme: third restriction on use of scheme (3) The national standard cost scheme is not available to a person to value a type of specified livestock in an income year if they have made specified livestock available to another person under a profit-sharing arrangement and, in the income year, the other person, or another person has also made livestock of the type available under the profit-sharing arrangement, values any livestock of the type under the cost price method. National standard cost scheme: fourth restriction on use of scheme (4) The national standard cost scheme is not available to a person to value specified livestock in an income year if— (a) they have bailed the livestock to another person under a long-term bailment not made under a profit-sharing arrangement; or (b) they have leased the livestock to another person under a long-term bailment not made under a profit-sharing arrangement. National standard cost scheme: fifth restriction on use of scheme (5) The national standard cost scheme is not available to a person to value specified livestock in an income year if a determination made under section EC 24 precludes the use of the national standard cost scheme for the livestock. Defined in this Act: Commissioner , cost price , income year , lease , long-term bailment , national standard cost scheme , profit-sharing arrangement , specified livestock , type , Compare: 2004 No 35 s EC 9