Ross, Joey and Chandler are partners in an accountancy partnership. Chandler retires from the partnership on 1 January 2018 and is paid $50,000 for his share of the firms work in progress. As at 30 June 2018, $30,000 of the work in progress has been billed to clients by Ross and Joey. It is reasonable to expect that a further $15,000 will be billed by 1 January 2019. Advise Ross, Joey and Chandler regarding the tax treatment of the $50,000 work in progress payment.

[Based on the Australian taxation system]