Discuss the Australian income tax test for determining: - individual tax residency; and - corporate residency. In preparing your response, explain why determining tax residency is critical for Australian tax purposes. Also, comment on some of the recent changes the Australian Government has indicated it will make for both the individual and corporate residency test. Ensure you refer to relevant legislation, case law, relevant ATD Guidance and any other materials in support of your answer. Jill had made a capital loss of $1,000 in the 2017-2018 income year and had no capital transactions until now. Jill sells her holiday house on 1 January this year for $500,000. She bought the property on 1 January 2010. During her ownership period: - she used the property as a holiday house for the first 2 years; - then made it available for renting for the next 8 years. During these 8 years, the property was vacant for a total of 2 years. She has provided you with the following information: Description Original acquisition price for 1 January 2010 $250,000 purchase of property Deposit on signing of contract 1 January 2010 $50,000 Balance on settlement 11 March 2010 $450,000 Stamp duty on acquisition 11 March 2010 $5,000 Legal Fees on acquisition 11 March 2010 $1,000 Council rates pa 1 January each year $500 per year Real estate agent's commission on 1 January this year $2,000 sale Costs of advertising the sale 1 January this year $1,000 Calculate Jill's capital gain or capital loss for the year ended 30 June this year, using the CGT discount option. Ensure you use tables to present your results. In your answer you must clearly identify the classication of the various amounts that form part of that calculation. Cite the relevant statutory provisions to support your calculation