TASK 1 Makeit Pty Ltd is a local manufactures. The company wishes to use all available small business concessions to minimise taxable income. Makeit Pty Ltd has prepared the following Profit & Loss Statement for the 2022 financial year: Gross Sales 1,900,000 Less Cost of Goods Sold Opening Stock 33,000 750,000 Purchases and Manufacturing Costs 783,000 Closing Stock -300,000 483,000 1,417,000 Gross Profit Add Other Income Foreign Income: Rent Italy (Net) 11,500 2,000 Interest Income 13,500 1,430,500 EXPENSES Gross Wages 650,000 92,000 Superannuation 3,500 30,000 Interest on Loan to purchase rental property in Italy Provisions for Customer Warranty Claims - Note 2 Truck Expenses 31,000 Accounting Depreciation - Note 3 60,000 9,500 Share of Loss from Partnership with Al Insulation Pty Ltd 24,000 Tax Related Expenditure - Note 4 Other Deductible Expenses 1,300,000 NET PROFIT BEFORE INCOME TAX Note 1 130,500 Makeit Pty Ltd owns a property in Italy. The $11,500 rent received from this investment is net of $3,800 tax withheld by the Italian government. Note 2 The amount of warranty expenses paid to customers during the 2022 income year was $11,000.