Brian purchased a music CD retailing business from Anthony on 1 June 2018 for $220,000. He gives you a Settlement Statement for the purchase (this statement sets out the details of the purchase price) that shows:
Purchase price of the business $220,000, comprising:
$220,000
Required
Assuming Brian is eligible to use the Small Business Entity tax system and chooses to do so, discuss the tax issues that will arise in respect of this purchase.
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