As a practising tax lawyer, I find myself thoroughly shocked by the lifelong incorrect assumptions I held regarding the taxation of livestock. I can take solace in the fact that both the ATO and my fellow practitioners have also been living under the same misinterpretation of the law. Thanks to the authors, whose strong academic rigour and extensive research have elucidated the correct position on the taxation consequences of livestock, we now have a clearer understanding. We are indeed fortunate to benefit from the expertise of such heavyweights from the esteemed Curtin University Business School, generously providing this invaluable research to the community.