Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 70-60 Valuation of horse breeding stock 70-60(1)
For a horse at least 3 years old that you acquired under a contract and hold for breeding, you can elect a value other than the values in section 70-45 .
70-60(2)
The value you can elect for the horse at the end of the income year is worked out using the table:
| Value of horse breeding stock | |
| If the horse is: | … you can value it at this amount: |
| female 12 years or over | $1 |
| . | |
| any other horse | the *horse opening value less the *horse reduction amount (see section 70-65) |
70-60(3)
However, if the value worked out under subsection (2) would be less than $1, you must elect the value of $1.
70-60(4)
A horse's age is to be measured in whole years as at the end of the relevant income year. The age of a horse not born on 1 August is determined as if the horse had been born on the last 1 August before it was actually born.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
