High Rise Pty Ltd, a Sydney based construction company received $3,000,000 on 1 November 2017 from Ausco Pty Ltd, a Sydney investor, after it cancelled an agreement for High Rise Pty Ltd to build a new apartment block on its behalf. The original agreement had been entered into on 1 March 2015 and involved the construction of the tallest apartment block ever to be built in the city. Per the terms of release of the agreement, the $3,000,000 was paid by Ausco Pty Ltd to cover the settlement of all potential claims that may arise on the termination of the agreement. The amount paid was calculated on expected loss of profits to High Rise Pty Ltd. The agreement also stated that an additional $500,000 be paid to High Rise Pty Ltd in return for it agreeing not to work with any other investors within a 50km radius of the city for a period of 3 years. This clause was included by Ausco Pty Ltd to prevent High Rise Pty Ltd constructing a similar building elsewhere in Sydney.
Advise High Rise Pty Ltd of the taxation consequences of the above transactions.
Note: Kindly provide the complete answer by using the ILAC method , using the relevant cases and all the sections , note that for answering this question you must need to use Australian taxation law not american taxation law.