Partner at Crowe HorwathThe decision about whether or not to move surplus stock into the herd scheme this year will need to be discussed with your accountant.
Last week, the Inland Revenue Department released the 2017 National Average Market Values for livestock for those farmers who have elected to use the Herd Scheme to value their livestock.
These values, set by Inland Revenue each year, are an average of livestock values for the whole country at the end of April and are released in the middle of May.
The values this year reflect the strong prices that farmers were paying for their livestock. As a result, there have been significant increases in almost all types of livestock.
For example, mixed age cows have risen to $1431 - a 12.4 per cent increase on last year's value of $1273. Similarly, rising two year steers have risen to $1325. The beef cattle values are at their highest values ever.