Veylans Pty Ltd Manufactures Mining Equipment For Customers In Australia And Ove
Veylans Pty Ltd manufactures mining equipment for customers in Australia and overseas. In July 2018 one of its major customers cancelled a contract and paid Veylans Pty Ltd compensation of $500,000. What additional information do you need in order to advise Veylans Pty Ltd on the income tax consequences of the receipt of the $500,000? Support your answer with at least one (1) section of legislation and two (2) cases.