I know this has been asked before and from what i remember the answer is contract date. If this is correct how does ato calculate the tax? For eg: contract date is 2020 but settlement is 2023. Does the ATO tax me based on my 2020 income? Or do i have to pay tax in year 2020 even though i have not settled or received the funds? I want to sell one of my personal properties to my Son. But because of Covoid 19 I dont think he can get a loan til late next year. 12 - 19 months away. But for me writing the contract this Tax year is great because of my low tax bracket this year. So i was thinking of writing a sales contract with 18 mths settlement before June 30. Thanks for any input.