Eliham is new to doing business and it has been only three years since she started her sole trader business. Advise Eliham on the following matters.

(a) Her record keeping obligations for tax purpose.

(b) Eliham has just received an amended tax assessment that shows a significant increase in her taxable income and tax payable for the previous year. What options does Eliham have to challenge this amended assessment?

(c) Advise Eliham if it will be better if she run her business as a company than as a sole trader for tax purposes.

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