#3734 - Stereum ostrea - False Turkey-Tail
AKA Golden Curtain Crust. AKA Thelephora ostrea, among other names, but see the taxonomic headache below.
One of at least 12 Stereum species in New Zealand, but also found along the east coast of Australia, the tropical and temperate forests of Asia, and parts of Africa, and the Americas. But it's likely that at least five species found across that region are actually all forms of ostrea, which is highly variable, and a large number of records may instead be related species. Probably best to consider it a species complex for now.
Found growing on dead branchs and fallen trees, and bleeds when cut.
Woodhaugh Gardens, Dunedin, Aotearoa New Zealand.