Our amazing Kiwi partners - you asked, we listened.
You can now value your client’s livestock using the National Standard Cost (NSC) method from within the Figured app, more accurately.
What we’ve done
We’ve improved our NSC valuation calculations in the following ways:
- Included bobby calf purchases and births in immature non-breeding valuation (as per clause 3 of the IRD NSC livestock determination)
- Added rearing and growing costs to all purchased calves (as per clause 3)
- Excluded breeding bulls and rams from NSC calculations if they’re all under Herd Scheme (as per clause 9)
What this means for you
Each year-end, New Zealand livestock farmers need to value their livestock for tax purposes. One method of doing this is the NSC valuation, which is the most complex way to value livestock. It requires calculations set out by the IRD based on age, purchase price, use of livestock and fixed National Standard Costs, set out by the IRD and re-published each year.
Previously, Figured’s automated NSC calculations didn’t take into account some important rules around purchased calves and breeding bulls, meaning that you had to make manual calculations to override the automated values, or risk having incorrect valuations.
Now, you can have trust in that our calculations are more detailed and compliant, and therefore more accurate, without having to use a spreadsheet to manually calculate the values.
So rest assured, knowing that your NSC valuations will be calculated accurately within Figured, saving you valuable time that you can spend on more meaningful conversations with your clients.
Reach out to us at firstname.lastname@example.org, or message us via the green chat bubble in the bottom right corner of your in-app screen.