Value of livestock is required to calculate to determine your net income from your primary production which is calculated at the end of each year.
You can choose to value livestock at cost, market selling value or replacement value. An additional option is available for certain horse breeding stock.
You can change the valuation every year, and also you may use different method for valuation for different stock in the same year.
On the other hand, the value of your opening livestock must be same as the value of your closing stock for the previous year. That means that you must have to use same method which you used in beginning to end of the year.
Rules are apply to small businesses – simplified trading stock rules
You won’t be able to calculate each iteam of trading stock on the hand of each financial year
If you have: