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Kath sold her business to Tim and agreed that she would not operate a similar...

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Accounting

Kath sold her business to Tim and agreed that she would not operate a similar business in the same town for five years. Tim paid Kath $40,000 for her agreement to this restriction.

2. Mel acquired a factory in December 2011. The factory was destroyed by fire in January 2010 and she received compensation from his insurer in June 2021.

3. Abe was injured and his delivery truck was damaged from a crash in July 2020. Abe's insurance company refused to compensate him for the loss because he had not told the truth when he filled out the form for the insurance. When Abe threatened to go to court to recover for his losses, the dispute was settled out of court with a payment to Abe of $500,000.

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Explain which CGT event happens, and when the event happens, in the above circumstances.

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