Question
John is employee of Pharmdevelopment Co, a pharmaceutical company in Victoria. He has signed an employment contract with Pharmdevelopment Co as a pharmaceutical scientist for
John is employee of Pharmdevelopment Co, a pharmaceutical company in Victoria. He has signed an employment contract with Pharmdevelopment Co as a pharmaceutical scientist for 7 years. As he is working with medicine formula department and according to his contract terms he must not reveal or use confidential information other than to his employer. It further provides that he must not work for a competitor during the remainder of the employment agreement. Consideration for entering into the agreement is $150,000. With reference to relevant legislation and case law discuss whether this capital or income in Johns hands.
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