Has any member had experience in relation to Capital Gains Tax on the sale of property on a term contract. (ie) Sell on $500k Deposit and the Balance of 1Mill payable at the end of 5 years with intrest ony payments.My accountant thinks it is payable on the reciept of the deposit but he wants to ask the ATO for a private ruling. He has been advised by the ATO private rulings are not necessarily binding.
