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1. Milly, the wife of a notorious criminal and underworld gang leader, has signed a...

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Finance

1. Milly, the wife of a notorious criminal and underworld gang leader, has signed a contract with a newspaper for the sole rights to her story, my life as a crime boss Moll. Under the contract, the newspaper was to pay the full sum of $500,000 after the completion of the writing of the articles and the publication of the first part of the series, which occurred during the current income year. However, on the instruction of the taxpayer, only $50,000 was paid into her account; the remainder of the sum remained unpaid at the end of the income year.;

  1. Discuss what part, if any, of the total contract value of $500,000 is assessable in the current income year. Give reasons for your answer with reference to relevant legislation, case law and any relevant ATO issued guidance.

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