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On the fiscal precipice

Another week has gone by in a flash, so you can't be blamed for missing a headline or two. Here are the biggest and best business stories you might have missed this week...
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Sunday, June 23, 2019
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WeekendSmarts
The week's best news and advice for entrepreneurial thinkers.
Franking my credit, I don't give a damn

They say two things are certain in life: tax, and more taxes. With July 1 peeking around the fiscal corner, small-business owners likely have money on their mind. Sadly, so does the tax office, which is vigilant as ever this EOFY, warning businesses about deductions, business travel and those pesky franking credits.

Usually I'd say here that it's been a bad week for Retail Food Group, but that phrase seems superfluous, as every week recently has been bad for the embattled franchising giant. It's facing (another) class action from disgruntled Michel's Patisserie owners, who claim they were misled by the company. As they say, the proof is in the (past its use-by) pudding.

Finally, customers are mighty angry with a travel agent in Melbourne which cancelled bookings, shut its doors and claimed it had collapsed … despite the fact it hasn't.

Have a great week
Dom Powell
Features and profiles editor
RETAIL // Retail Food Group faces new class action lawsuit from Michel's Patisserie franchisees, alleging loss and damages
"I never thought my life was going to be this hard by owning a business in Australia because I can't get justice until now."
TOURISM // Customers furious as travel agent claims it collapsed but is still registered to trade
"We're hoping either ASIC or another statutory authority takes action."
TAX // Franking credits trap: Businesses warned to plan ahead this EOFY to avoid "tax leakage"
"You'll never be able to frank at that percentage ever again."
SINGLE TOUCH PAYROLL // ATO single touch payroll wizard resigns less than three months from hard reporting deadline
Shepherd has jumped ship for a promotion at the ABS.
WAGE THEFT // Popular Melbourne cafes under "close scrutiny" after underpaying workers $25,000
The cafes were underpaying a total of 26 workers.
STARTUPS // "You never stop learning": Foodtech startup raises $9 million from Aconex co-founders and Canva investor
"It's not about two people … it's about the whole business."
 
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