Can you afford not to be using Copilot in 2025
In our previous discussion, we covered the use of Copilot in Microsoft applications. Today, we will introduce Agents. Users can create an Agent that responds based on information from a designated source. These sources are determined by the user.
An agent can fetch information from a variety of sources such as databases, websites, APIs, and internal company documents. It can also leverage data from social media feeds, emails, or cloud storage solutions like OneDrive or Google Drive. Additionally, agents may be designed to access real-time information from sensors, IoT devices, or public records, depending on their implementation and intended use.
Simple Agents in Microsoft Teams
With no training or experience you can build an Agent that will only derive it answers from a certain website. I created one that only got its answers from the ATO and the WA office of state revenue. Now I am certainly not suggesting that this replaces your accountant, but it allows you to increase your knowledge so that your meeting with your accountant is more productive. If you are an accountant it allows you to draft your answers to questions from clients in seconds, then you can check it correct mistakes and send it saving you a lot of time. Here are some questions (in red) I asked the agent and the responses I got.
What are the tax rates for 2025 and 2026
For the year 2025, the tax rates for Australian residents are as follows:
Taxable income up to $18,200: Nil
Taxable income from $18,201 to $45,000: 16 cents for each $1 over $18,200
Taxable income from $45,001 to $135,000: $4,288 plus 30 cents for each $1 over $45,000
Taxable income from $135,001 to $190,000: $31,288 plus 37 cents for each $1 over $135,000
Taxable income over $190,001: $51,638 plus 45 cents for each $1 over $190,000
Please note that these rates do not include the Medicare levy of 2% [1].
For the year 2026, the tax rates have not been explicitly detailed in the available resources. However, you can use the Australian Taxation Office’s website for the most up-to-date information on tax rates and codes [1].
References [1] Tax rates – Australian resident – Australian Taxation Office
I am buying a KIA EV6 for $88,000 inc GST what tax would I pay. I am buying a ford Everest for $97,000 what is the LCT?
The Luxury Car Tax (LCT) thresholds for the 2025-2026 financial year.
Correct LCT Thresholds for 2025-2026
For the 2025-2026 financial year, the LCT thresholds are as follows:
- Fuel-efficient vehicles: $91,387 [1]
- Other vehicles: $80,567 [1]
Calculation for KIA EV6 (Fuel-efficient Vehicle)
Given the price of $88,000 including GST:
- LCT threshold: $91,387
- Price of KIA EV6: $88,000
- Amount above threshold: $0 (since the price is below the threshold)
- LCT payable: $0
Calculation for Ford Everest (Non-fuel-efficient Vehicle)
Given the price of $97,000 including GST:
- LCT threshold: $80,567
- Price of Ford Everest: $97,000
- Amount above threshold: $97,000 – $80,567 = $16,433
- LCT payable: 33% of $16,433 = $5,422.89
If you have any more questions, feel free to ask! [1] [2] [3] [4] [5]
References
[1] Luxury car tax rate and thresholds – Australian Taxation Office
[2] Electric cars exemption | Australian Taxation Office
[3] Luxury car tax rate and thresholds – Australian Taxation Office
I have earnt $120,000 in the 2024/25 year, I have $5,000 in deductions, I have private health insurance, what tax would I pay?
To calculate your tax for the 2024/25 year, we need to consider your taxable income, Medicare levy, and any private health insurance rebate.
Income Tax Calculation
Your taxable income is $120,000 minus $5,000 in deductions, which equals $115,000. Based on the tax rates for the 2024/25 year:
- Taxable income up to $18,200: Nil
- Taxable income from $18,201 to $45,000: 16 cents for each $1 over $18,200
- Taxable income from $45,001 to $135,000: $4,288 plus 30 cents for each $1 over $45,000
Calculation:
- Tax on first $18,200: $0
- Tax on income from $18,201 to $45,000: ($45,000 – $18,200) * 0.16 = $4,288
- Tax on income from $45,001 to $115,000: ($115,000 – $45,000) * 0.30 = $21,000
- Total tax: $4,288 + $21,000 = $25,288
Medicare Levy
The Medicare levy is generally 2% of your taxable income. Since you have private health insurance, you may be exempt from the Medicare levy surcharge.
Calculation:
- Medicare levy: $115,000 * 0.02 = $2,300
Private Health Insurance Rebate
The private health insurance rebate depends on your income and age. You can use the https://www.ato.gov.au/Calculators-and-tools/Private-health-insurance-rebate-calculator/ to estimate your rebate [1].
Total Tax Payable
- Income tax: $25,288
- Medicare levy: $2,300
- Total tax payable: $25,288 + $2,300 = $27,588
For more detailed information, you can refer to the https://www.ato.gov.au/Calculators-and-tools/Private-health-insurance-rebate-calculator/ [1].
Is AI Accurate
It is extremely important to check the information that AI generates, AI is still in its infancy and will only get better over the years. But currently it is not always correct. There would be embarrassing to send out information that is AI generated that is incorrect. Please check the output.
The Cost vs. Value Proposition
While implementing Microsoft Copilot may seem like a significant expense upfront, the value it delivers in terms of time saved, improved accuracy, and increased productivity far outweighs the cost. Small businesses can streamline their operations, reduce overheads, and expand their reach, gaining a competitive edge in their respective industries.
Empower Your Business Today
Microsoft Copilot is more than just a tool—it’s a partner in growth. At Qbit IT Solutions, we specialise in helping small and medium businesses in Western Australia integrate and leverage Microsoft Copilot to unlock their full potential. Don’t wait to transform your business with AI-powered solutions. Contact us today to explore how Microsoft Copilot can work for you!
Webinar, if you have enjoyed this article, Qbit has two webinars may also be of interest to you.
https://www.youtube.com/watch?v=AlRkOJbaZls
https://www.youtube.com/watch?v=irQkhFe3eZg&t=141s
Let’s build a smarter, faster, and more connected future for your business. Reach out to Qbit IT Solutions and take the first step toward innovation.
