Best Meats Pty Ltd ('Best Meats') is an Australian resident private company and base rate entity that carries on a business as a gourmet butcher operating from a small shop at the beachside location of Glenelg, South Australia. The company is registered for the Goods and Services Tax (GST) and it owns the shop's premises. It was incorporated in July 2010 with three Australian resident shareholders who each owned 33.3% of the company's sole class of shares until December 2020 when two of the shareholders sold all their shares to another Australian resident. For the income tax year ended 30 June 2024, interim calculations revealed the taxable income of the company to be $275,000 (GST exclusive), but this amount has not considered the tax implications of the additional information below. Additional information for the year ended 30 June 2024 (not included above): 1. Superannuation paid on behalf of the company's employees during the 2024 financial year to compliant superannuation funds was $35,000. All employees are aged under 28 years. Superannuation is not a taxable supply for the GST. 2. The company's business suffered due to rising inflation in 2023 which increased costs and reduced demand leading to a small revenue