Anna is a jeweller and operates her own business selling jewellery on the Gold Coast. She opened her shop to customers on 1 July 2017. Anna employs two shop assistants. The following information relates to the period from 1 July 2017 to 30 June 2018: Anna borrowed $200,000 from her bank on 1 July 2017 to purchase equipment and stock. The bank charged interest totalling $6,000 during the income year. Anna on-lent $20,000 of the loan to her daughter at 0% interest. Anna leased a small shop from 1 July 2017 and pays $2,000 per month in rent. Legal fees of $4,400 paid on 20 July 2017 for advice relating to establishing the business. Lockable glass display cabinets were purchased for $28,000 and installed on 1 July 2017. A laptop costing $2,200 was purchased on 15 July 2017 to keep accounting and tax records for the business. Anna took this laptop home regularly and estimated 10% of the time it was used for checking her personal social media and email accounts. An opening party was held in the shop for a few local celebrities, where Anna provided champagne and canapes to her guests. This cost $2,500 on 10 July 2017. Jewellery was purchased from various suppliers throughout the year at a cost of $480,000. A security firm was paid $24,000 on 20 July 2017 to provide overnight surveillance of the shop. The contract was paid for the period 20 July 2017 to 19 July 2019. To keep up to date with trends in designer jewellery, Anna attended New York fashion week. She flew business class at a cost of $5,600, if she had flown economy the cost would have been only $1,800. She also paid $2,000 for accommodation and food. She stayed in New York an extra 2 days to catch up with friends costing $600. Salary and wages paid to the two employees totalled $65,000. Anna paid herself $80,000 from the business bank account. Anna accrued $6,000 in her accounts for unused annual leave for her employees at 30 June 2018. Required: Provide advice to Anna on the income tax consequences of the above transactions for the year ended 30 June 2018. Include calculations where required. Assume that Anna qualifies as a small business entity. Support your discussion with reference to legislation, case law and taxation rulings.