ACCC sues Coles for misleading freshly baked bread claims, Tax office targets 110,000 landlords, Toyota makes profit in Australia: Midday roundup

The Australian Competition and Consumer Commission instituted proceedings today in the Federal Court against Coles claiming the supermarket engaged in false, misleading and deceptive conduct over bread which was partially baked and frozen off site, transported to Coles stores and ‘finished’ in-store.

The products were then promoted as ‘Baked Today, Sold Today’ and/or ‘Freshly Baked In-Store’ at Coles stores with in-house bakeries.

ACCC chairman Rod Sims said, “We believe consumers are likely to have been misled by Coles that the entire baking process, including preparation, occurred in-store, when in fact the bakery products were prepared and partially baked off site, frozen, transported and then ‘finished’ in store. Indeed, the Cuisine Royale products were partially baked overseas.”

Tax office targets 110,000 rental property owners

The Australian Taxation Office is targeting more than 110,000 rental property owners who have been identified through last year’s tax returns as making incorrect claims, according to Fairfax.

A team within the ATO is using sophisticated analytical techniques, including data mining, to identify unusual patterns of claims. It is also targeting work-related expenses.

The assistant commissioner of client services and assistance at the ATO, Graham Whyte, said expenses can be claimed only for the portion of the year where the property is rented or available for rent.

Toyota makes profit in Oz

Toyota has returned to profitability in Australia just weeks after Ford slumped to a $141 million loss and revealed it would stop making vehicles in Victoria.

Toyota’s local subsidiary insists it is here to stay after ending three years of consecutive losses to post an annual after-tax profit of $149 million.

Toyota Australia recorded a 23% rise in revenue to $8.9 billion for the year to March.

Shares open lower

The Australian sharemarket has opened lower this morning on the back of international market declines.

The S&P/ASX200 index was down 38.1 points to 4719 just after midday, with most major sectors suffering losses.

The Dow Jones closed 0.76% down overnight, losing 116.57 points to 15122.02.

Trending

COMMENTS

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments