Australian Taxation LawOrder DescriptionYou NEED to havelatest edition of this book for referencing “Principles of taxation law 2016, 9th edn, Thomson Reuters” <- MUST HAVE book do not attempt without this book’s latest edition. Other books for referencing are: “Fundamental Tax Legislation 2016, Thomson Reuters” “Australian taxation law cases 2016, Thomson Reuters”. Also use https://www.austlii.edu.au/ for at least as 1 or more source reference. ALL THE REFERENCED ARTICLES, JOURNAL,BOOKS etc MUST BE AUSTRALIAN EDITIONS ONLY. DO NOT USE ANY FOREIGN EDITION/MATERIAL.Questions to answer in this assignment after reading given info:a) Discuss with reference to appropriate legislation, case law and/or rulings whether X & Y are carrying on a business for taxation law purposes in either the 2015 or 2016 incomeyears.b) Discuss with reference to appropriate legislation, case law and/or rulings whether any amountsreceived in relation to the sale of the design are ordinary income in the 2016 income yearc) Briefly discuss with reference to appropriate legislation, case law and/or rulings whether thecash or accruals basis of accounting would apply to X & YThe front style for your answer should be set to “Time New Roman” size 12 with 1.5 line spacing, 2.5cm margin & A4 page layout