Purchase or sale of a business during the income year

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.