Bonnings ,a machinery hire firm , provides you with the following information for its latest financial year:

Part C 10 Marks Michael is the owner of several successful bars and restaurants in central Melbourne. Recently, Michael was invited to make a guest appearance on a new hit television show about small business success stories. For his efforts, Michael received a one-off payment of $15,000. Michael feels he should be allowed to exclude this payment from his usual business income. Required Do you agree with Michael's conclusion? Students must give reasons for their answer. This discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law. If relevant, students must show calculations. Part C 10 Marks Michael is the owner of several successful bars and restaurants in central Melbourne. Recently, Michael was invited to make a guest appearance on a new hit television show about small business success stories. For his efforts, Michael received a one-off payment of $15,000. Michael feels he should be allowed to exclude this payment from his usual business income. Required Do you agree with Michael's conclusion? Students must give reasons for their answer. This discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law. If relevant, students must show calculations