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 assessable income.

Required

Is Michael correct in his conclusion?

Youmustgivereasonsforyouranswer.Yourdiscussionmustincludeananalysisofthepertinentsectionsofthe relevantlegislation,rulings,andtherelevantcaselaw. Ifrelevant,youmustshowyourcalculation.YoumustapplythelawtothefactsandprovideYOUROWNanalysisoftheissuesandwritea comprehensiveanswertothequestion.