Q4. You work for Lubs Investments Pty Ltd ( Lubs), family office in South Sydney. One of Lubs favourite investments is undervalued commercial property in the St George area of Sydney. At issue is the applicability of GST to property transactions and properties in Sydney. As you are a cadet for the advisory team on the deal and studying tax law, you have been put into the team advising your client in respect of legal/accounting issues. Consider the following scenario and answer the questions that follow: Facts: Lubs owns a two storey commercial property in Sans Souci, Sydney. Downstairs is a commercial premises in which a business is running, and the upstairs is a residential premises rented for 24 months to the owner of the business. The owner has been living upstairs, and running the business downstairs during business hours. The rent paid for the property was $110,500. The market rent for the residential premises was $30,500 for the period and $80,000 for the business on the premises. Prepare advice for Lubs in respect of the GST consequences for Lubs as follows: a. Carefully Outline the Elements of a Taxable supply and discuss whether the criteria of taxable supply are made out here in respect of the supply of commercial premises?