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.
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
any other horse
the *horse opening value less the *horse reduction amount (see section 70-65)
However, if the value worked out under subsection (2) would be less than $1, you must elect the value of $1.
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.