Q2. Sam had been employed as an accountant for 10 years when he decided in June 2021 to start up his own accounting business. He seeks your advice on GST matters relating to the business. Sam provides the information below concerning how he expects his business to operate: (a) He will work as a sole practitioner and expects his fees from advice to clients to be at least $200,000 in the first year. (b) He will need to borrow about $50,000 at 9% interest to cover his expenses in setting up his business. (c) He will operate his business from rented premises and expects the rent to be about $800 per week. (d) He will purchase various items for use in his business, such as computers, computer software and desks, and expects this initially to cost about $10,000. (e) He will have ongoing expenses, such as for telephone, internet access, electricity, personal liability insurance and income protection insurance. He cant say what the exact amount of these expenses will be. (f) He will need to attend an accountants conference each year and undertake continuing professional education courses to keep his skills up to date. (g) His spouse will be employed to carry out the administrative tasks for the business and will be paid $800 a week. (h) He intends to purchase two cars that will be garaged at the family home. One will be used 100% as a work car for visits to clients etc. The other will sometimes be used for work purposes, but his spouse will also use it about 70% of the time for private purposes. (i) He expects to spend about $400 a week taking clients to lunch to promote his business. (j) If he needs to lodge a business activity statement, he would like to do that quarterly rather than monthly, but doesnt know if that is allowed. REQUIRED: Advise and explain to Sam any GST issues in respect of the information provided at (a) to (j) concerning the proposed accounting business, including but not limited to GST registration, GST input tax credits and GST payment obligations.