Advise Juliette as to whether she will be a resident of Australia for income tax purposes for the 2014/15 income year AND the 2015/16 income year. Please address each income year separately. Please also address each test of residency.QUESTION 2 (20 marks)George had a relative who had lived in Sydney but who died in October 1995. On the death of the relative George inherited his Sydney house.On inheriting the house George decided to let the property, and appointed 'Honest Chris' Real Estate' managed by local real estate baron Christopher Skate, as property manager. The property had been rented from the time it was inherited. Repairs were carried out in December 2015, including: - replacing the damaged fibro roof with longer lasting colorbond $15,000- general repairs and maintenance $6,000- new furniture and fittings- repainting the front fence which consists of painted wooden pickets- fixing the broken front door which was damaged by vandals $1,200$2,500$1,000The new items were all purchased on 1 December 2015.George uses the prime cost method for decline in value for the rental property. The cost and effective lives of the assets are: Cost Effective lifeStove $900 12Hot water service $2,000 12Carpets $3,500 10Furniture and fittings $5,000 13 1/3Rent received for the current income year totals $13,900. Management commission paid to the agent amounts to 5% of this.REQUIRED (Q2):a) Prepare a statement setting out the taxable income that will arise from the rental property.b) Prepare a discussion explaining each component of the rental property statement prepared in Q2a). This discussion should clearly explain the inclusion/exclusion of each element of the rental property statement above.Assessment criteria Word LimitDo not exceed the word limit if you can possibly avoid doing so. You may find that you have written too much so it is probably worthwhile to edit your assignment so that it is more tightly structured. Some of the information you have included in the text may be better placed in footnotes.Evaluation CriteriaThese criteria are a general guide as to the standard expected at the various levels. Characteristics indicative of the respective levels of achievement in the assignment are as follows. It is not necessarily the case that all these criteria will be met at a particular standard as there may be a superior performance on one of the criteria and not so satisfactory performance on another.High distinction standard• The answer is very well written and clearly expressed• There is a demonstrated appreciation and understanding of the issues involved• The answer is well structured and logically organised• Demonstrated mastery of referencing system• There is evidence of a comprehensive analysis of the issues• Conclusions are backed by well-reasoned arguments demonstrating a detailed insight and analysis of issues• Comprehensive coverage of all relevant issues• References are made to the appropriated legislation for particular issues• Statutory provisions are analysed and interpreted correctly• The legislation is applied to the particular fact situation in a competent manner