Bill & Ben Reticulation Pty Ltd had a entered into a contract worth $15,000 with the Port Cricket Club to replace the drainage system on the playing surface of the club’s sporting ground. Shortly after entering into the contract, and before Bill an Custom Essay

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Bill & Ben Reticulation Pty Ltd had a entered into a contract worth $15,000 with the Port Cricket Club to replace the drainage system on the playing surface of the club’s sporting ground. Shortly after entering into the contract, and before Bill and Ben had done any work under the contract, Port Cricket Club decided it would sell its current sports ground and buy better grounds and facilities. It therefore negotiated with Bill & Ben Reticulation Pty Ltd to be released from the contract. Bill & Ben Reticulation Pty Ltd. agreed to this if they were paid the sum of $6,000. Port Cricket Club agreed to this and duly paid the sum.

Will the $6,000 received by Bill and Ben Reticulation Pty Ltd be taxed and if so why?

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