Problem:
The company commenced business in 2009 as a taxi service. On 27 August 2017, all of the company's shares were sold to the Gerald family. On 18 October 2017, the company ceased its limousine service and began operating as a driving instructions service. The company had previously incurred the following tax losses:
2017/18 $20,000
2018/19 $10,000
2019/20 $20,000
How can i make a statement reconciling net profit with taxable income for the 2020/21 tax year?