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Veylans Pty Ltd manufactures mining equipment for customers in Australia and overseas. In July 2018 one of its major customers cancelled a contract and paid Veylans Pty Ltd compensation of $500,000. What additional information do you need in order to advise Veylans Pty Ltd on the income tax consequences of the receipt of the $500,000? Support your answer with at least one (1) section of legislation and two (2) cases.
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