For the year ending 30 June 2019, Jason has no other sources of income or losses carried forward. He was covered by a private health insurance for the full year. 1. Jason thought that he could apply the concessional small business tax rate (27.5%) and his estimated income tax payable for the year should be $31,625. Advise Jason on his income tax liability. Ensure you explain to him if the small business tax rate applies to his situation and if he is entitled to any tax concessions. Also, showing your workings for any calculations.