Dozens of Big W stores to close, how Australian millionaires avoid tax, and more top news
The news Australian professionals are talking about now, curated by LinkedIn’s editors. Join the conversation in the comments below.
Higher rates of online shopping will see Woolworths shut 30 under-performing Big W stores, as well as two distribution centres. The supermarket company wouldn’t say how many jobs would be lost or which stores would be closed over the next three years, as it was still negotiating with landlords. Woolworths has 183 Big W stores, which lost $110M last financial year. Many Australian retailers have been struggling with increased online competition and subdued consumer spending.
Some of Australia’s wealthiest people didn’t pay any tax in 2016-17, according to the latest data released by the ATO, which shows 69 millionaires legally reduced their taxable income to zero by claiming millions in deductions, mostly for the “cost of managing tax affairs”. The issue of tax deductions is set to become an issue at the upcoming federal election, with Australia’s main opposition party proposing a $3000 cap on the amount that can be claimed for managing tax affairs.
Many Australian startups, given the chance, would turn back the clock and change their board members, according to a KPMG study. Conducted with consultancy and recruitment firm Think and Grow, the study found only 55% would choose the same board again, with many fledgling companies ending up with board members who waste time, are not engaged or focus too heavily on governance. A few high-profile success stories have raised the profile of Australia’s startup scene in recent years, but it still lags behind other developed nations’.
Amazon Australia’s revenue has soared in its second year of operation, though the giant online retailer has failed to turn a profit. A regulatory filing shows it made $292M in the year to December 2018 for an after-tax loss of $5.3M. It lost nearly $9M over the same period of time a year earlier. Australian retail was already on the ropes before Amazon’s local launch, and despite some homegrown brands such as Rebel Sport and JB Hi-Fi beating it on price in some areas, it has contributed to the challenges the industry faces.
A tool released by financial regulators shows AMP and CommInsure fall behind other companies when it comes to payouts. AMP takes an average of eight months to pay out life insurance claims following a death while CommInsure accepts about only a quarter of accidental death or injury claims it receives, official data shows, with the two companies outliers according to a new ASIC and APRA insurance performance tool. It is hoped the tool will increase transparency in an industry that has faced several scandals in recent years.
Idea of the Day: Successful people in any chosen field are team players, says Workskil Australia CEO Nicole Dwyer.
“Their ultimate success is built on their ability to work as a complete team and be inclusive of people of all walks of life.”
What's your take on today’s stories? Share your thoughts in the comments.
Co Founder | Solving big problems
5 年I remember the good ol' days when BigW actually sold useful stuff. It's been a slow decay as they gave up market share and deranged.
Dairy Investment - Your Property Negotiator - AgriAccess
5 年Safeway To Close 30 BIG W Stores / The Retail Worm Takes Some Keeping Up With
Accounts Administration - receivable
5 年Chain stores had better wake up to the new revolution. It's the niche shops and on-line markets that are taking over. I also run my own on-line business that I buy from - health, wellness and male / female cosmetics. Why would I try and find a parking spot, stand in a queue and spend my hard earned on a product that has to cover the cost of the marketing campaign, bricks and mortar of the store, all the middle men etc. Plus, I run my business from my smart phone - anywhere. Let me know if you're interested and I'll shout the coffee. 0439 817 803
Competency & Psychometric Assessments/Human Capital Solutions and Coaching @Thomas SA https://meetings.hubspot.com/karen-swanepoel
5 年What we call integrity
Consultant, Business Analyst and Process Improvement Specialist
5 年So when this hopeless farrago of a government rolls out the tax breaks, that’ll fix more than ten years when absolutely nothing got done. Yeah, right. If you take a walk down any high street or mall you’ll see the affect of the lowest wages growth in living memory. Not enough millionaires. Too many expensive houses. Lots of jobs - so that people can work two or three just to make ends meet. Throw these clueless turkeys out !