A property company is preparing the Information Memorandum to sell their property that they acquired in 2016. The company has asked you to calculate the capital gains tax that they expect to receive net sale proceeds of $7,500,000 and purchased the property inclusive of acquisition costs for $4,919,270 . The company has undertaken capital expenditure this year of $269,588 to refresh the appearance of the building. The company wants to ensure that they have included all deductions to minimise their tax payable this year and has asked your advice to ensure they claim everything that they are entitled to. Please answer below questions.

Q1. How much is the capital gains tax that the company will be liable for if they can receive net sales proceed as mentioned above and please round your answer to the nearest dollar amount? (Assume: company capital gain tax rate = 30%)

Q2. How much total tax is payable this year for the company? Show the calculation how you get the answers for additional income tax and total tax questions.

Q3. List six possible deductions for tax purposes that the company can include to minimise their tax payable this year.

Q4. What other discounts or tax offsets can a company claim? Can this company claim them and why?