Abbies Employment Abbie works as a tax manager in the head office of a major supermarket retail chain, called Moolies Ltd. Her work contract entitles her, on top of her salary, to an annual bonus of up to $20,000, depending on her performance rating. Abbie has worked for Moolies for 7 years and has consistently received annual bonuses of $15,000 - $20,000. Abbies contract also entitles her to a paid day off every month. Moolies offers Abbie (and other employees with similar contracts) a lump sum of $80 000 in exchange for Abbie modifying her contract, so that she no longer has the right to the bonus, and also no longer has a right to a paid day off every month. Abbie agrees to this.

Discuss whether Abbies receipt of $80,000 is assessable as ordinary income