Question
PBL 1 One of your clients, Corey Hart, is the sole director and sole shareholder of Sunglass World Pty Ltd. The company is a retail
PBL 1
One of your clients, Corey Hart, is the sole director and sole shareholder of Sunglass World Pty Ltd. The company is a retail store that specialises in selling a range of designer-label high-end sunglasses.
The company is registered for the GST and accounts for the GST on the non-cash (accruals) basis.
The company has three stores - one in the Brisbane CBD, the other in Indooroopilly and the third store in Surfers Paradise on Queensland's Gold Coast.
The company was incorporated in Australia in May 2010. The company had a turnover of $2.4 million in 2019 and is expecting a turnover of approximately $2.6 million for the 2020 financial year. The company is likely to have a taxable income of approximately $160,000 in respect of the year ended 30 June 2020.
Corey informs you that on 17 November 2019, the company acquired a new motor vehicle, a 2019 Mercedes C350 Class Sedan, which was financed via a chattel mortgage agreement.
A copy of the tax invoice for the purchase of the new car is attached for your reference on the following page.
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