Lucas neill a top soccer player for the sydney soccer club, Ask an Expert

Accounting

Lucas Neill, a top soccer player for the Sydney Soccer Club was approached by Melbourne Soccer Club to play for this season. Lucas declined the offer and agreed not to play for any national club for the next two years. Sydney Soccer Club paid Lucas a sum of $100,000 for this agreement. Due to some disagreement between Lucas and Sydney Soccer Club, he left the club and joined Melbourne Soccer Club. Melbourne Soccer Club paid Sydney Soccer Club a sum of $50,000 for his release and another $10,000 for Lucas to relocate to Melbourne.

Required

Advise Lucas on his tax implications.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91975369

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