New standard values for livestock

Press, 15 August 1980, Page 10

New standard values for livestock

PA Wellington Discussions with the Commissioner .of Inland Revenue (Mr R. Phillips) have resulted in agreement on new standard values for livestock to be applied throughout New Zealand, said the president of Federated Farmers (Mr A. F. Wright). The rates have an important significance on farm taxation and are expected to have an effect on the profitability or otherwise of a number of troubled deer farms. In his meeting with the commissioner, Mr Wright was accompanied by the

president of the Deer Farmers’ Association (Mr P. H. Elworthy).

Mr Wright said the new rates were: Sheep, mixed, $6: cattle, dairy and beef, rising one-year, $3O, others. $7O: hinds, excluding fallow and sika, $200; stags, excluding fallow and sika. $l5O.

“The commissioner has also agreed that the standard rates for fallow and sika deer shall be half the rate for hinds and stags,” Mr Wright said. ' "For sheep and cattle, the new rates take effect from July 1. 1980. and for deer from October 25. 1979.

“The new rates will apply, to new farmers only. At the end of three years the present rates will be again reviewed in consultation with Federated Farmers.” The federation was very pleased with the outcome of the discussions, he said.

Mr Wright drew farmers’ attention to the review which will take place in three vears for all classes of livestock, but emphasised that in the event of any changes the revised rates would again only apply to new farmers as from the date of the review.