• Purchase or sale of a business during the income year

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Keep a record of the following:

    • the name and address of the other party to the transaction
    • the purchase or sale price, including details of the allocation of purchase or sale price to all items purchased or sold, including stock on hand and depreciating assets
    • a copy of the contract of purchase or sale.

    If there is no trustee who is an Australian resident, the onus is on the public officer to keep this information.

    Last modified: 13 Aug 2014QC 22968