I have a business that has a contract date of sale in March 2024. Due to many delays the business was not settled until July 2024.
The business continued to be operated by the vendors until the settlement date. `
The registered business name and the ownership of plant and equipment passed to the purchaser at settlement date.
The sale included a figure for sale of plant and equipment.
1. For tax purposes do I effect the sale of the plant and equipment at the date of contract or the date of settlement, given the plant and equipment was still being used by the vendors post 30/6/24?
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