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Discuss the assessability for Sparkle Pty Ltd for both the $100,000 and $20,000 amounts :
Discuss the assessability for Sparkle Pty Ltd for both the $100,000 and $20,000 amounts : Please use relevant cases and sections of the Australian Tax Law
Sparkle Pty Ltd are a Melbourne company who sell wholesale cleaning products to local businesses. They have 3 forward selling contracts with these businesses. One of the businesses no longer wished to receive Sparkle's products, and cancels its contract. The contract was for a term of 4 years, representing about 20% of Sparkle's annual profit. Sparkle received $100,000 for the cancellation.
This year Sparkle had not made enough money from the sale of cleaning products. They decided they needed to quickly make some more money to continue trading and be able to pay their staff. They had some old plastic buckets lying around their factory. Ordinarily the buckets were for the storage of chemicals, but on this occasion, they were sold to a nursery (for plants). Sparkle received $20,000 for the sale of the buckets.
