Hardeep is a professional basketball player. On 1 January 2021, he entered into an eight year contract to play basketball for the Adelaide All Stars. Under the contract, Hardeep agrees to play in all of the clubs matches, provided that the coach selects him and he is fit to play. After signing the contract the All Stars pay Hardeep $300,000. The All Stars also agree to pay Hardeep $4,000 each month for his living costs. There is no requirement for Hardeep to repay any of the $300,000 if he fails to play because he is not selected or he is not fit to play.

Advise Hardeep whether he has to include the full amount of the contract monies received in advance in his assessable income for the 2020/2021 income year. Refer to case law, statutory provisions and tax rulings in your answer.