H3 Sale of a Business/Property

This workpaper is designed to:

• record the sale of a business or property
• identify sale costs that need to be assigned to the book value of the asset

Recommended supporting documents: Sale & purchase agreements, invoices, settlement statements, fixed asset schedule, valuation documents.

GST apportionment

At the top of this worksheet is a question to answer relating to whether the transaction is a GST free supply of a going concern. This question does not alter the calculations but provide you with detail for your worksheet.

Otherwise, all amounts in the worksheet should be entered on a GST exclusive basis.

Apportionment

If sale and purchase agreement is silent on the value of the land and improvements value, or the sale price differs from the valuation, this table allows you to apportion the sale price across land and improvements.

1. Enter details of the valuation being used in cell B30.
2. Enter details of land and capital value from valuation in cells J31 to J37.