Five years ago, Chris opened a restaurant in North Perth, specialising in chili crabs. This year, he wishes to sell his restaurant business including the chili crab recipe and clientele to John for $$500000.$ Assuming the goodwill has a value of $$100000,$ advice Chris as to the tax consequences of the following: $$ The contract allocates $$200000$ for the restrictive covenant. $$ Would your answer differ if Chris sold the business on retirement? $$ Chris only sells the chili crab recipe for $$100000.$ Question $4$ Helen acquired a commercial property in $1974.$ In May last year she entered into a contract to sell the property for $$2$m$.$ A deposit of $$200000$ was paid under the contract. An instalment of the purchase price of $$500000$ was also paid in August last year, in accordance with the contract, with settlement due in that month. The purchaser later defaulted and the deposit was forfeited in June last year. Legal action was commenced against the purchaser and settled in November last year, on the basis that the vendor was entitled to retain the instalment already paid under the contract. The property was resold soon after in December last year. How will the forfeited deposit and the forfeited instalment be assessed for tax purposes?