Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and
its ability to work with the Australian tax system.
Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to work with the complexities of the tax
system, but for its tone and approach. The outcome from our testing, including the example below, is that you might end up with some
general comments that are reasonably accurate, but you’re unlikely to get an answer that can be relied on.
And with most technical commentary tied up in personal advice rather than on the web where ChatGPT can explore it, it is unlikely that
we will get there any time soon.
Here are the results of our test question and our commentary (ChatGPT’s response is in italics).
Question: How much capital gains tax does an Australian resident pay on an investment property with a worked example.
We provide strategic business and tax advisory, underpinned by our expertise in financial planning to ensure we develop financial structures that are smart and well considered.
AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging ChatGPT, Copilot & Claude for Innovation and
Productivity.
Join SkyBots’ 2-day Workshop in MORNINGTON with automation expert Daryl Aw to revolutionise your workflow using
cutting-edge Agentic AI tools including Chat GPT, Claude, CoPilot and Gemini. This workshop is built for accountants,
bookkeepers, finance teams, and business owners who want to move beyond basic prompts and turn AI into a reliable, ethical, and practical
system for everyday work.
INVESTOR BRIEFING — JOINTLY PRESENTED BY SMART BUSINESS SOLUTIONS & AREA SPECIALIST
Thursday 29 October, 5:30-7:30pm, $20 per person — 100% donated to Mornington Community Support Services, Mt Martha Lifesaving Club, Mount Martha
The property rules changed — negative gearing, capital gains and more. Join SMART Business Solutions and Lauren Wild of Area
Specialist for a joint evening briefing on the 2026 tax reforms for residential property investors, plus live residential and commercial
market updates from two local experts. Find out whether the changes affect you — and what is worth doing before 1 July 2027.
Reserve a seat »
Lunch & Learn Workshop // Friday 19 February, 2027 - 12:00 - 2:30pm
$75 (incl. GST)pp includes drink on arrival & a wonderful two course Italian lunch - antipasto, pasta & pizza. Be prepared!
Bridging the gap between legal and financial expertise in family law. Many practitioners see the legal issue, but the strongest
outcomes for separating clients come from understanding the numbers behind the matter. This practical session provides family lawyers with
the financial fluency to spot issues early, guide clients with confidence, and collaborate more effectively with accountants and financial
advisers.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
Treasury has released the draft legislation for the new 30% minimum tax on family trusts. From 1 July 2028, income earned by a family trust will carry a minimum tax of 30 per cent, paid by the trustee. Here is what it says in plain terms, what is not caught, and why the decisions worth making need to happen well before 2028.
Fundraising Evening // 9 October, 2026 - 5:30 - 7:30pm
$35pp includes a welcome drink & nibbles
An evening of networking, meaningful conversation and fundraising with Wayne Holdsworth, supporting the vital work of SmackTalk and helping
create safer online communities.
The ATO will stop accepting direct credit card payments from 1 December 2026, requiring businesses and individuals to switch to alternative payment methods such as debit card, BPAY, EFT or bank account direct debit. While the change affects only a small percentage of taxpayers, businesses that rely on credit cards to manage cash flow or fund ATO payment plans should act now to update arrangements, avoid missed payments and prepare for the cash flow impact of having tax obligations funded from available business funds.
Thank you to everyone who joined us for our Downsizing, Retirement Living & Future Care event. Access the presentation slides and materials here.
LIVE INFORMATION EVENING
Wednesday 7 October, 5:30-7:30pm
Most families don't start thinking about retirement living or aged care until they're forced to make decisions quickly. Join us for an informative evening covering retirement living, future care planning, downsizing considerations, aged care costs, estate
preservation and strategies to help families make informed decisions before they become urgent. Designed for retirees, adult children and families looking to better understand their options and plan ahead with confidence.
Following the latest RBA cash rate increase, borrowing costs and financial pressure may rise for households, investors and business owners. We explain what the decision means and why now is a sensible time to review your lending, cash flow and broader financial strategy.
SMART Business Solutions is proud to support the Mornington Community Support Centre (MCSC) and The Ranch.
MCSC has been a lifeline on the Mornington Peninsula since 1971, providing emergency relief, food assistance, crisis accommodation, and practical support to local people doing it tough. From their hub at 320 Main Street, Mornington, their small team and volunteers help hundreds of individuals and families every year.
The Ranch is MCSC's crisis housing initiative — the Peninsula's only dedicated crisis accommodation. The original Ranch Motel ran for five years, housing 250 people who were sleeping rough, with 60% of those supported into permanent housing outcomes. Following its closure in 2026, MCSC launched Ranch 2.0: a block of seven units in Mornington, generously provided by the Payton and Upotipotpon Foundations under a five-year lease at no cost, and renovated in 2025 through an incredible community-led effort by the Peninsula's Rotary groups, local businesses, schools and volunteers.
We support MCSC because no one in our community should live in a tent. Their work turns crisis into stability for our neighbours, and we're honoured to play a small part in it.
Learn more about The Ranch and Ranch 2.0
Sale and leaseback is often effective with assets that have a clear, assessable market value and a reasonable remaining useful life.
A number of projects with development approval are now contingent on tenant commitments before construction begins, a shift likely to push delivery timelines into 2028 and beyond.
Lunch & Learn Workshop // 18 September, 2026 - 12:00 - 1:30pm
$35pp includes lunch
Many business owners believe growth comes from more sales. But in reality, the strongest and most profitable
businesses grow by improving how the business works, not just by selling more. This session is designed to change that. The
5-Critical Financial Metrics
is a practical workshop that shows you where small, targeted changes can create disproportionately big improvements in profit, cashflow and
sustainability.
Hiring entertainers, promotional staff or event contractors for your Christmas function could create superannuation obligations you didn't expect.
Helping a family member buy a property may seem straightforward, but the way ownership is structured today could have significant tax consequences years down the track.
Working from home could have tax implications long after you've stopped claiming deductions. Here's what every business owner should know.
ASIC's director ID data matching is set to expose outdated company records. A quick review now could save you time, stress and unnecessary penalties later.
Just announced this week, draft legislation and explanatory materials with 15 DAY Consultation period!! Enough to give you a headache! These are NOT BETTER FOR YOU. It proposes an alternative to restructuring that would allow existing discretionary trusts to avoid the 30% minimum tax by fixing beneficiaries’ entitlements to income and capital, an apparently simple election with potentially significant long-term consequences.
Darwin has become Australia's standout property market, recording house price growth of around 16 per cent and unit price growth of around 13 per cent
MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Friday 31 August, 4:00pm-6:00pm
Join our practical,
educational workshop designed to help business owners understand the lending process and in preparation for funding conversations, learn how lending decisions are really made and what banks actually look for.
The start of a new financial year is an ideal moment to review your existing equipment finance commitments.
Industrial property maintained its position as the market's safest option, with gross yields holding relatively stable over the quarter following modest compression across most major cities.
Our annual compliance guide highlights key accounting, tax and business obligations throughout the financial year, including BAS, IAS, WorkCover, payroll, tax return and EOFY planning dates.
The auction environment is deliberately designed to create competition and momentum. Bidding can move quickly, and it is easy to get caught up in the heat of the moment.
Retail property has emerged as the standout performer in Australia's commercial property sector, with approximately $13 billion.
MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Tuesday 25 August, 10:00am-12:00pm
This practical, confidence-building session is designed to give business owners control. Know Your Numbers is a hands-on workshop created specifically for non-financial business owners who want clarity and confidence in their decision-making.
Understanding this before you apply helps set realistic expectations and makes it easier to compare what different lenders are offering you rather than what they advertise.
MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Monday 24 August, 5:30-7:30pm
This practical, education-first session helps business owners cut through the confusion and take back control of their business insurance
decisions.
Financing an older vehicle is a common goal, but it comes with a set of challenges that do not apply in the same way to newer cars.
Spring is consistently the busiest period of the year for Australian property, with more listings, open homes and competition than at any other time.
As income grows, it's easy for spending to grow with it. This article explores practical strategies to help you make the most of your strongest earning years and build greater financial freedom for the future.
B.I.T.E. Business Conference 2026 brought together business owners, leaders and innovators for a day of inspiration, learning and connection. Take a look back at the highlights from another successful event.
Many SMSF members assume their Will determines who receives their super. However, without the right SMSF arrangements in place, the outcome may not be what you intended.
MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Monday 10 August, 5:30-7:30pm
This practical session, in collaboration with the Mornington Peninsula Shire as part of the Small Business Festival, helps small business
owners understand AI and automation and shows how small businesses can use smarter tools to reduce manual work, improve accuracy and
create more capacity for growth.
The ATO has updated its approach to holiday homes and short-term rentals, potentially affecting deductions claimed by some property owners. Understanding how your property is used could help you avoid surprises at tax time.
If family overseas is planning to send you money, it's important to have the right records in place. A recent court case highlights how difficult things can become when documentation is missing
| Borrowing through a family trust can be effective, but the wrong structure could put valuable interest deductions at risk. |
Conference // 5 August, 2026 - ALL DAY EVENT
The B.I.T.E. Business Conference 2026 is the Mornington Peninsula’s premier event for bold business owners ready to rethink what’s
possible, reinvent how they operate, and reignite their growth. Hear from global keynote speakers including Grant Hackett, Andrew Griffiths
and Kate Christie plus local business innovators.
| Received an ASIC renewal or company review notice in the mail? Before you pay, here's how to spot third-party correspondence and avoid unnecessary costs. |
| Planning to buy property through your SMSF? A key rule change from 10 August 2026 could impact your options. Understanding the deadline now may help you avoid missing an important opportunity. |
| Working more than one job this year? You could end up paying less tax throughout the year and more at tax time. Here's why it happens and how to avoid an unexpected bill. |
The headlines say negative gearing is "gone." For most investors, that is not what the new law does.
From 1 July 2027, the 50% CGT discount will be replaced — for individuals, trusts and partnerships — by two mechanisms working together: indexation of the asset's cost base, and a minimum 30% tax on the resulting net gain.
Since the beginning of 2025, 62 per cent of occupiers leasing more than 1,000 square metres have either expanded or maintained their footprint.
Darwin's commercial property sector is strengthening with rising rents.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
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