Shallow Waters Pty Limited $($Shallow$)$ is an Australian resident company that was incorporated during $2021.$ Initially an investment company with holdings in residential real estate and shares, Shallow purchased a small restaurant and catering business.Mal Content, the principal shareholder of Shallow $($also employed as restaurant manager$),$ has terminated Travis Teagh, the company's accountant. Mal has become aware that Travis has made a range of errors in preparing the $2023$ tax lodgements for Shallow and requires your assistance.Mal has provided the following information produced by Travis:a$)2023$ Income Tax Returnb$)$ Additional notes accompanying the income tax return including franking accountc$)$ June $2023$ Business Activity Statement $($BAS$)$d$)$ Additional notes accompanying the BASe$)2023$ Fringe Benefits Tax Returnf$)$ Notes and workings accompanying the FBT returnRequirementsMal has requested that you prepare a statement of advice including:i$)$ A summary of corrections required for each return $($income tax return, business activity statement, and fringe benefits tax return$)$;ii$)$ A brief explanation of each correction $($also showing workings and calculations$)$ iii$)$ Correct referencing from legislation in support of each correction $($where applicable$)$