Simplifying livestock counts for tax efficiency
For every farming business in New Zealand, the ability to prepare correct valuations for tax purposes is essential. This relies on an accurate calculation of livestock values that takes into account sales, purchases and other reconciliation checks.
Livestock Valuation Model
BDO Gisborne Ltd, leaders in farm accounting, offer through their sister company Clarity Business Solutions Ltd, a spreadsheet-based livestock valuation model that simplifies the calculation of livestock values for tax purposes.
The model has been widely used by 150 accounting firms around the country for the past 20 years and is regularly updated and enhanced based on BDO Gisborne’s experience in their large farm accounting practice. It is compatible with Excel 2007 and later versions only.
- Enter livestock tallies and immediately get the correct tax valuation and tax effect of the various options available - the easy way - no mistakes - easy to check - and you pay the lowest tax.
- Reconciliation module checks the integrity of stock numbers on a class-by-class basis with sales, purchases, deficiencies and surpluses.
- Tallies flow through automatically to all modules.
- Model calculates high-priced livestock values.
- Model allows valuation on a first-in first-out (FIFO) basis for National Stock Cost (NSC) where no stock are in the Herd Scheme.
- Detailed user instructions are a valuable quality assurance and staff training guide.
- Simple one page data entry sheet for modelling the costs of moving additional stock to the Herd Scheme.
- The Model includes valuations of livestock compatible with NZ IAS 41 – Agriculture for those applying differential reporting. Valuations include National Average Market Value (NAMV’s) as a proxy for market value and a pure NSC calculation as a proxy for cost. No additional data entry is required for these valuations to be produced, a simple check box is used to selection between cost and market value.
- Merged tax valuation inputs for Jersey and Friesian Dairy Cattle and Red, Wapiti and Elk Deer for 2015 opening tax values following amendments to the Income Tax Act 2007
- A summary reconciliation page is included for review purposes
- Simple comparison between NSC, FIFO and WAC where no stock are in the Herd Scheme.
Examples & Instructions
The Livestock Valuation Model is available for $855 (including GST). Updates of the model will be available each year – the current update price is $195 (including GST). If you are dissatisfied with the Model for any reason, Clarity Business Solutions Ltd will refund without question.
To order your copy of the Livestock Valuation Model, click here to enter your details, push the "submit" button and make your payment to BDO Gisborne's ANZ account 01-0635-0012160-00, reference: Livestock. Upon receipt of payment your Livestock Valuation Model tool will be emailed out to the email address you have provided.