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QB 23/09
Issued
13 Dec 2023

Income tax – Forfeited deposits from cancelled land sale agreements

This Question We’ve Been Asked (QWBA) clarifies the circumstances in which a forfeited deposit from a cancelled land sale agreement is income to the seller.

Tax Information Bulletin - Vol 36 No 1, February 2024

Income Tax Act 2007 – ss CA 1, CB 1, CB 3, CB 6A – CB 23B, CZ 39, CZ40