Question 3 (20 marks) Liz is an events manager who works at a Public Relations firm in Sydney, called Best Events Ever (BEE). Liz started working with BEE on 1 July 2018. BEE provided her with an attractive remuneration package made up of the following items: . Salary of $150,000 and $25,000 in superannuateon. . Payment of $7,500 in tuition fees and textbooks relating to a Graduate Diploma in Events Management. . Exclusive use of a new BMW motor vehicle from 1 July 2018 leased by BEE with a value of $45,000. All registration, insurance and servicing costs were paid for by BEE (except Liz paid $2,250 for the petrol). Liz sells an investment property on 30 June 2023 to her sister for $800,000. At the time of sale, the investment property had a market value of $1,000,000. She purchased the property in 2011 for $500,000. The investment property has been rented out since it was purchased by Liz. In her spare time, Liz wrote a book about her experiences as an events manager. She gave a five year licence to a publisher (XCo) to publish and sell her book. She received $20 each time her book was sold by XCo. Liz needed working capital to start an online clothing business. To obtain the funds quickly, Liz assigned the right to receive the $20 payments under the licence to a clothing importer (ImporterCo) in return for a $500,000 upfront lump sum payment. Required: Using relevant legislation and case law, please answer the following questions: 1. Advise BEE about its Fringe Benefits Tax liability because of the remuneration package provided to Liz for the FBT year ending 31 March 2024, including the operation of the otherwise deductible rule if appropriate. 2. Advise Liz about the income tax consequences of her remuneration package from BEE. 3. Advise Liz about the income tax consequences of selling the investment property. 4. Advise Liz about the income tax consequences of receiving $20 each time her book is sold by XCo. 5. Advise Liz about the income tax consequences of receiving the $500,000 upfront lump sum payment from ImporterCo