Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 70-55 Working out the cost of natural increase of live stock 70-55(1)
The cost of an animal you hold as *live stock that you acquired by natural increase is whichever of these you elect:
(a) the actual cost of the animal;
(b) the cost prescribed by the regulations for each animal in the applicable class of live stock.
70-55(2)
However, if you incur a service fee for insemination and, as a result, acquire a horse by natural increase, its cost is the greater of:
(a) the amount worked out under subsection (1); and
(b) the part of the service fee that is attributable to your acquiring the horse.
70-55(3)
An election under this section must be made by the time you lodge your *income tax return for the income year in which you acquired the animal. However, the Commissioner can allow you to make it later.
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