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Explain in detail the followings: a- Define and explain the characteristics of ordinary income. b- XYZ Pty Ltd has determined that its assessable income for

Explain in detail the followings:

a- Define and explain the characteristics of ordinary income.

b- XYZ Pty Ltd has determined that its assessable income for the year is $790,000 and it has deductions of $200,000. What is XYZs tax payable for the 202021 income year? Assume that XYZs turnover is less than $50 million.

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