Is this amount assessable

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Reference no: EM132350451 , Length: word count:1000

Albert Einstein was a very successful salesperson. He had worked for Excelsior Pty Ltd for the past 10 years. He had an extensive knowledge of the client base of Excelsior.

The company was afraid that if Albert left he would be able to utilise this information to the disadvantage of Excelsior.

Accordingly, an arrangement was entered into whereby Excelsior paid Albert $40,000 not to set up his own business in competition with Excelsior, or work for a competitor of Excelsior, for a 3 year period after leaving Excelsior.

Is this amount assessable, and if so how will it be assessed?

Reference no: EM132350451

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