Bruce owns a block of land.

On 1 April2019, Bruce agrees in principle to consider selling the land to Jenny, however no firm commitment is made nor price negotiated.

On 1 May 2021 Bruce signs a contract of sale of the land for $500,000.

The terms are an immediate deposit of $50,000, the balance is on settlement in 90 days.

The contract settles on 1 August 2021 with Jenny taking possession.

In which income year did the CGT event occur in relation to the land?

Group of answer choices

No answer text provided.

Year ending 30 June2019

Year ending 30 June 2022

Year ending 30 June 2021