Artificial Intelligence AI

AI Adopt funding program

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Funding for Artificial Intelligence (AI) Centres to help SMEs adopt AI technologies

The AI Adopt Program provides funding to establish up to five AI Adopt Centres to support small and medium-sized enterprises (SMEs) that engage in international and interstate trade to adopt responsible AI-enabled services and enhance their businesses.

Key points

  • Grants between $3 million and $5 million over four years for up to 50% of eligible project expenditure are available
  • Businesses in Australia that can establish centres to help Australian SMEs adopt AI technologies in their business can apply
  • Closing date: Monday 29 January 2024 5:00pm AEDT

Overview

The program will create a network of AI Adopt Centres, aimed at establishing a ‘front door’ for SMEs looking to explore responsible, safe adoption and usage of AI.

The objectives of the program are to:

  • support the safe and responsible adoption, implementation, and demonstration of real-world applications of AI technologies to address sectoral and local challenges
  • support SMEs to responsibly integrate AI products that assist in development of new or improved products and services
  • improve Australia’s future prosperity and our productivity growth by increasing AI adoption in SMEs and upskilling Australian workers in the usage of AI technologies
  • support a growing network of Australian AI capability that provides expertise, business and technical skills, connectivity, and access to research and partnerships. This includes engagement with the National Artificial Intelligence Centre and the Responsible AI Network to build a cohesive and comprehensive network
  • provide equity of access to SMEs nationwide who are operating within the identified sectoral area, aligned to the National Reconstruction Fund (NRF) priorities
  • create further opportunity for growth in the AI technology market through a broad increase in international demand for Australian AI capabilities
  • positively impact participation of underrepresented cohorts in technology, including women, First Nations Australians, and those with disability
  • support the Australian Government in reaching its target of 1.2 million tech-related jobs by 2030.

The intended outcomes of the program are to:

  • increase SMEs capacity to responsibly, safely and effectively utilise AI technologies by providing guidance, specialist training and access to specific talents and expertise
  • increase awareness and workforce skills within the SME sector of responsible AI adoption
  • increase SMEs productivity through using AI products to promote product development, and build efficiencies in NRF priority sectors.

Check if you can apply

You can apply if you meet the eligibility criteria. The eligibility criteria are a set of rules that describe who can be considered for this grant. You can apply if you:

  • are an eligible entity
  • meet additional eligibility requirements
  • have an eligible project
  • have eligible expenditure
  • can fund your share of the project costs, and any ineligible expenditure.

The Notch Above Team would like to wish you and your family a wonderful festive season and a prosperous 2024. This year we’re taking a break over Christmas / New Year and will be closed from 2PM on Friday 22 December, reopening on Monday 8 January 2024.

Source: business.gov.au

office christmas party

Christmas parties and gifts

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Navigating FBT Rules for Your Business Christmas Celebrations

Understanding Fringe Benefits Tax Exemptions and Limits

If your business holds a Christmas party:

  • on a working day, on your business premises, and only for your current employees, you don’t pay fringe benefits tax (FBT) for the food and drink
  • off your business premises, or the party includes associates of employees (such as their partners), you don’t pay FBT if the party is a minor benefit – that is, the cost for each person is less than $300 and it would be considered unreasonable to treat it as a fringe benefit
  • that includes customers, you don’t pay FBT for the costs relating to the customers.

If you give your employees a Christmas gift, you don’t pay FBT if the value of the gift is less than $300 per person and it would be considered unreasonable to treat it as a fringe benefit.

If the Christmas party is not subject to FBT, you can’t claim income tax deductions for the cost of the party.

Example: Christmas party on business premises

A company holds a Christmas lunch on its business premises on a working day:

  • Employees, their partners and customers attend
  • The company provides food and drink, and taxi travel home
  • The cost per head is $125.

Entertainment is being provided

A party for employees, associates and customers is entertainment because the purpose of the function is for the people attending to enjoy themselves.

Employees – no FBT, exemption applies

The employer doesn’t pay FBT for the:

  • food and drink for employees, because it is provided and consumed on a working day on the business premises
  • taxi travel, because there is a specific FBT exemption for taxi travel directly to or from the workplace.

Associates – no FBT, exemption applies

The employer doesn’t pay FBT for the food, drink and taxi travel provided to the employees’ partners (associates), because it is a minor benefit – that is, it has a value of less than $300 and it would be unreasonable to treat it as a fringe benefit.

Customers – no FBT

There is no FBT on benefits provided to customers.

Income tax and GST credits

The employer can’t claim an income tax deduction or GST credits for the food, drink or taxi travel provided for employees, associates or customers.

Looking for a Xero Certified Bookkeeper in Brisbane? Are you drowning in paperwork? Cash flow problems keeping you awake at night? Learn how Notch Above Bookkeeping can solve all these problems here or call us on 1300 015 130.

QR code

QR Quishing Scams

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Banks warn of Christmas QR code scams

Financial institutions and consumer advocates are sounding the alarm on the surge of Christmas-related scams, cautioning that criminals are employing a novel tactic by exploiting COVID-era QR codes to pilfer personal information.

What is Quishing?

Quishing is a form of phishing attack that uses QR codes instead of text-based links in emails, digital platforms or on physical items. Quishing is a social engineering technique used by scammers and cybercriminals to trick you into providing personal information or downloading malware onto your device — cyber.gov.au

A recent Westpac report highlighted that over half of reported scams related to purchases and sales in November and December last year. They emphasised that scammers often capitalise on the increased spending and potential distractions during the holiday season.

To illustrate the heightened risk, Westpac experienced a 5 per cent uptick in fraud-related calls following the facilitation of over 31 million point-of-sale transactions during the recent Black Friday and Cyber Monday sales.

Westpac’s research uncovered that 38 per cent of Australians fell victim to scams originating from fake websites, online retailers and marketplaces.

QR codes, once considered outdated by 2019, regained popularity during the COVID-19 pandemic due to the demand for contactless services. However, the Federal Trade Commission (FTC) in the United States has cautioned that scammers are now concealing harmful links in QR codes found at locations such as parking meters, cafes and bars.

The FTC outlined various deceptive tactics employed by scammers, including false claims of undelivered packages, account issues and fraudulent activities requiring immediate password changes. Young stressed the importance of verifying payment details before transferring funds and warned against clicking on links in SMS or email communications.

In the aftermath of clicking on deceptive links, individuals risk having their information stolen or malware installed on their devices.

Westpac identified several other prevalent Christmas scams, including enticing individuals to fake websites through social media advertisements, exploiting parcel-related anxieties with fake updates via SMS or email, and promoting seemingly lucrative fake investments.

Westpac also highlighted that investment scams pose a significant challenge, constituting half of all reported losses. These scams often promise substantial returns and involve scammers investing considerable time in grooming victims, making them difficult to identify.

In Australia, reported losses to Scamwatch on social media platforms have surged to over $66 million in 2023, marking a 40 per cent increase from the previous year. Consumer group Choice, along with 20 other organisations globally, is urging governments to mandate social media and technology companies to implement measures protecting consumers from scams.

Choice criticised tech giants such as Facebook, Instagram and Google for their failure to prevent scammers from exploiting their platforms, arguing that these companies possess the resources and technology to enhance consumer protection but are reluctant to do so without legal requirements.

The Notch Above Bookkeeping Team would like to wish you and your family a wonderful festive season and a prosperous 2024. This year we’re taking a break over Christmas / New Year and will be closed from 2PM on Friday 22 December, reopening on Monday 8 January 2024.

Source: cyber.gov.au