In 2013, Bruce, a retired Brisbane City Council town planner introduced the managing director of Apartment Towers Pty Ltd (AT) to the owner of a large vacant riverfront block of land in St Lucia. Bruce was able to facilitate the sale of the land and subsequent council approval to allow AT to build a luxury apartment building on this land. Bruce did not receive any cash payment for assisting AT.
Upon completion of the apartment building in November 2014, Bruce is transferred ownership of one of the luxury apartments, valued at $1,400,000.
Does Bruce have to return any amount as assessable income for the year ended 30 June 2015? Provide reasons for your conclusion.
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