Assessment, Part A
Case study and task
Best Baker Pty Limited
Best Baker Pty Limited (BB) is an Australian tax resident company based in Adelaide. BB manufactures biscuits and slices mainly for the Australian market, but it also has some international buyers. BB is registered for GST and is a small business entity. BB was incorporated in 1986 and has been 100% owned by Ahn Notts since that time.
Letitia, BB’s Financial Accountant, has provided you with BB’s draft financial statements for the income year ended 30 June 2022, which include the following:
statement of profit or loss
statement of financial position.
She has also provided additional notes to help you calculate BB’s taxable income for the income year ended 30 June 2022.