8. Smith Pty Ltd manufactures cars. It is incorporated in England and has 40% Australian shareholders. All the directors resided in England and all board meetings are held there. The directors act under instruction of high-tier accountants and lawyers in Australia for many business decisions. The cars are manufactured in England but exported all over the world, including to Australia. During the 2020-2021 income year, Smith earnt $1,000,000 in income from sales to an Australian car dealership, with the contract being made in England and payment made to Smith in England before cars are exported. Smith sold a block of land in England for $300,000, received $200,000 in interest from their Australian bank account and sold their 10% stake in Australian company Oil Change Ltd (performs car services in Australia) for $50,000. What is Smith Pty Ltd's assessable income for the 2020-2021 income year? C Group of answer choices $250,000 $1,550,000 $550,000 $1,250,000