Bruce owns a block of land. On 1 April 2019, 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?