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Aussie entrepreneur announces shock decision to step back from fashion empire

BBG News

Brittney Saunders shared with followers that she’s momentarily halting the expansion of her clothing line, Fayt, as she doesn’t wish for the business to surpass her personal capabilities.

The creator of a fashion brand at age 32, now a millionaire due to her inclusive clothing line, unexpectedly announced this surprising piece of news on her podcast titled Big Business, which airs every Monday.

She confidently informed her followers that the company wouldn’t disappear and would continue operating as normal, yet she had no immediate plans for major changes ahead.

Over the past three years, we’ve added four new stores to our portfolio, which is quite significant, particularly given that I’m personally financing Fayte’s expansion.

‘I don’t have a board of directors and a panel of investors or anything.’

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For the content creator, running her own business was an exhilarating journey. Yet, she always kept in mind that she didn’t want Fayte (her business) to surpass her capabilities.

Brittney opened up about her fears regarding the company and its future in the fashion landscape. 

She expressed that she doesn’t wish for Fayte to expand to such an extent that it may lead her to dislike the company or her work in general. She pointed out that as businesses grow, they tend to increase the amount of stress one experiences in life.

She expressed that taking things a bit slower has been beneficial for her personal wellbeing and peace of mind.

In 2017, Brittney established her online business, spotting an obvious void in the fashion industry regarding size-inclusive apparel.

Initially embarking on my venture during my twenties, I, too, found myself unaware of certain aspects as I navigated the world of business, especially concerning tax matters.

In an episode of her podcast from last year, she admitted that she had failed to pay her taxes for more than two consecutive years. This oversight led to an astounding tax bill totaling $100,000.

She confessed that, having been accustomed to her Monday-to-Friday full-time job where taxes were automatically deducted from her weekly paycheck, she hadn’t understood the mechanics of self-employment taxes when she started working for herself at 21 years old.

The YouTube blogger mentioned that her family wasn’t particularly supportive regarding her self-employment endeavors, as they were not aware of it.

‘No one ever taught me about money, or how to save or tax or anything like that,’ she said.

For approximately two years, while I functioned as an influencer and raked in a substantial income, I neglected to fulfill my tax obligations. This is because, when you are self-employed or run your own business, tax payments can seem less pressing.

As a dedicated follower, I’ve found myself perplexed about handling taxes, especially since I work independently. It’s not that I don’t understand the concept, but the practicalities of it all have been elusive. For instance, when earnings trickle into my account as a self-employed individual, the money just flows in and that’s where my understanding ends. So, I’m curious to know, exactly how does one manage taxes in such a scenario? What are the steps involved? I’d appreciate some clarification on this matter.

After receiving that income, you’ll need to figure out how to handle your taxes on it. Unlike employees who pay taxes weekly, you accumulate the amount throughout the year. Once you’ve gathered everything, you can hire an accountant to sort it out and file your taxes at the end of the financial year.

Brittney admitted that she eventually hired an accountant due to increasing worries about her financial situation. Subsequently, she got a call from the Australian Taxation Office regarding overdue payments, and they informed her that she owed a substantial sum of around $100,000.

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2025-06-03 08:03

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