Your client Jacob comes to see you in December 2016 asking to prepare his income tax return for the year ended 30 June 2016. He is also seeking your taxation advice in relation to some other issues. REQUIRED: Prepare a Letter of Advice to Jacob that outlines/discusses/explains the following: 1. The tax implications of the sale of his first house and purchase of new house, including any exemptions available and noting any additional information you may require from Jacob. Calculate the capital gain, if any. (10 marks) 2. The tax implications of the expenditure on his house. (5 marks) 3. The tax implications of receiving the apple watch and bravery medal. (4 marks) 4. The accessibility and deductibility of all the other items listed in the information as you calculate Jacob's taxable income for the year ended 30 June 2016. (10 marks) 5. The tax payable/ (refundable) for Jacob for the year ended 30 June 2016, including all additional levies and tax offsets. (7 marks) Please thoroughly go through the requirements and important notes before even starting the assignment.