Client Information Newsletter – Tax & Super

Lodgment rates and thresholds guide 2017-18

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential superannuation as well as fringe bene t tax rates and thresholds (including current gross- up factors). Student loan repayment rates and salary levels are also included.

Take Advantage of AI

Have you heard of Artificial Intelligence (AI)?  Think it’s year’s away?  Prepare yourself – because it is here and you may already be using it.  Every day you are interacting with some form of AI or robot, whether that is predictive text on your phone, Siri, Google Maps or targeted advertising. These algorithms are becoming more and more accurate and are learning our habits to be able to perform their tasks more effectively.

We use AI in our personal lives, but what about our businesses.  Small businesses need to be aware that AI isn’t something to be feared. This technology brings efficiencies and time savings that we can all benefit from. Automation is key to staying in the game and this automation stems from artificial intelligence.

Utilising cloud software and the ability to integrate multiple programs with each other is where AI is king. Manual internal processes are replaced by a form of AI or robot which does all the repetitive and time consuming data entry & analysis for you.

Look at the manual processes within your business, or focus on pain points to help you find the right software. For those who are wary of implementing AI systems in their business, it is worth trialling software externally yourself. Most software providers offer free trials for new members, use this time to play with the features and note what you like, dislike, and most importantly whether or not it suits your purpose.

As always, it’s very important to make sure that you are using up-to-date IT systems so that you are maximising the benefits of today’s technology. Sometimes it also helps to think outside the box – what are other businesses in your industry doing? What new products are out there? Be proactive and speak to a professional about your wants and needs so your business doesn’t fall behind.

CMS is a Partner with many cloud software providers.  We have researched the products, completed extensive training and have implemented and automated many businesses cloud eco systems.  In most cases this allows us to offer subscriptions at discounted prices. If you have any questions about how to develop or utilise the best cloud eco system for your business, contact our Cloud Solutions team so we can assist you.