Edward Smith, an Australian resident individual, received the following cash dividends: $246,720 (franked to 50%) from XYZ Ltd on 1 February 2016 $14,000 (unfranked) from ABC Ltd on 1 March 2016 $4,900 (fully franked) from DEF Ltd on 1 May 2016Required: What is his assessable income (rounded to the nearest dollar)? What is an example of ordinary income? What is an example of statutory income? What is an example of exempt income? What is an example of non-assessable non-exempt income? Question2 Explain the meaning of the following terms and, if possible, identify them in the 1997 Act: A )gross income; b) exempt income; c) assessable income; d)deductions; e) taxable income; f) basic income tax liability / gross tax payable; g) tax offsets and rebates; h)credits; i)net tax payable