Question: With reference to relevant legislation and case law, discuss whether the following receipts are assessable or exempt income. Give reasons. Lucas is a full-time student

With reference to relevant legislation and case law, discuss whether the following receipts are assessable or exempt income. Give reasons.

Lucas is a full-time student and received a scholarship of $3,000 per annum from XYZ Engineering Solutions, conditional upon Lucas agreeing to accept employment with XYZ Engineering Solutions for at least three years after graduation

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