Does anyone know at what point in the sale of an IP a Capital Gains Event is deemed to have occurred. I am assuming this would be when contracts are exchanged but could be wrong.
We are selling an IP and don't want the capital gains to eventuate in this tax year, but in the next. We would like to put it on the market soon, but defer any capital gains until next year.
If for instance I found a buyer next month, can we have a long settlement (say 90 days) thereby deferring the CG event until July?
In case you are wondering, if we defer until July then CGT isn't due until May (?) 2008 and we can make good use of the money in the meantime!
We are selling an IP and don't want the capital gains to eventuate in this tax year, but in the next. We would like to put it on the market soon, but defer any capital gains until next year.
If for instance I found a buyer next month, can we have a long settlement (say 90 days) thereby deferring the CG event until July?
In case you are wondering, if we defer until July then CGT isn't due until May (?) 2008 and we can make good use of the money in the meantime!
