Using AI in business can significantly enhance efficiency, decision-making and customer experiences.
Click the link below for some tips to help you effectively integrate AI into your business including -
Identify Key Areas for AI Implementation
Start small and scale gradually
Focus on data quality
Invest in training
Prioritise ethical AI use
Automate repetitive tasks
and some safety tips for using AI in business.
Planning critical for survival
Running a small business can be tough, especially when it comes to finding time to plan.
Planning for disasters can be even tougher. But planning is like plotting your course on a map - it helps you steer clear of panic when things go haywire.
It's crucial to have an emergency plan for stuff like natural disasters, cyberattackes, fires or majoy financial hits. This plan can be a lifesaver when chaos strikes.
Be wary of beneficiaries becoming trust settlors
A beneficiary becomes a deemed settlor if -
The amount owing to them from the trust at the end of the income year is $35,000 or over; or
The trust does not pay interest to the beneficiary at a rate equal to or greater than the prescribed IRD interest rate.
Therefore, watch out if a 'child' beneficiary's current account balance is more than $25,000. If the trust does not pay interest to the beneficiary, they will become a 'settlor'. This new rule became effective from 1 April 2020 and was not retrospective.
Also in this issue - click link here
Navigating the new GST rules for 'listed services' and digital platforms
Interest deductions on residential rentals
Strategies for building wealth
Key Dates
28 October 2024
First instalment of 2025 Provisional Tax for those with March balance dates, who paid GST twice a year.
28 November 2024
First instalment of 2025 Provisional Tax for those with June balance dates.
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