Jahi Jani - Case Study - Report Writing - Accounting and Finance Assignment Help

ASSIGNMENT TASK:

TASK:

Case study:
 

Jahi Jani is a 43 year-old chauffer who is employed by Joyous Journeys Pty Ltd in Melbourne. Jahi engages your services for the preparation of his company’s 2019/20 tax return.

Company Tax Return
 

1. Limousine inheritance

It was a great surprise to me that I received a limousine from my grandfather who passed away on 1 December 2019. My first thought was to sell it privately as we already have a family car that meets all of my family’s private needs. But I changed my mind because I was without work (having been made redundant in early December) and I needed to make some money for the family, so I thought to myself, why not start up my own small business using the Limo and I will be a chauffeur. My residence is my working base and I start work from the moment I leave my driveway, until I return home, so that is very convenient. The market value of the limo was $60,000 on 10 January 2020 when the business started.
 

2. New business costs –

I consulted Johnathon Lawyers in the first week of January and they recommended to me after considering partnership, trust and company structures and my personal circumstances including my ambitions, that I should set up a Small Business Entity in the form of a company, and register the vehicle in the name of the company. Their advice cost me $1,000.

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