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.
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are three types of payments accessible to individuals who have lost work because of the pandemic.
UPDATED 6 Sept 2021: The Small Business COVID-19 Hardship Fund program offers grants of $20,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.
Helping you lead & manage your business better. A webinar in collaboration with Mornington Peninsula Shire Council as part of their Small Business Workshops.
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Your tax refund can seem like winning the lottery. But it's not - it is your own hard-earned cash. So how can you make it work as hard for you as you did earning it?
"I'm totally covered.......through my super fund." If this is you, you might want to think again.
While everyone loves talking about property in Australia, the reality is that few people are experts. Here are some of the most common property investment myths plus some good ideas to consider.
Taking care of your mental health during lockdown periods becomes really essential. Shared by Simon Fraser University Health & Counselling Services: 25 tips to help you and your loved ones navigate this time.
Now that the new financial year is here, it’s time to start looking at all the ways you can make the most of your investment property. If you want to claim your expenses on your rental property, it’s vital that you have good records.
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If your current lender is not prepared to give you a better deal then it might be well worth taking the time to speak with a mortgage broker to find a lender that will. Here’s how to refinance your current home loan.
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There are a few changes earmarked for superannuation commencing 1 July 2021. These changes will impact both employers and employees. Read the details here to know what's expected.
Whether you’re a first-time home buyer looking to find your feet or a refinancer looking for certainty, there are clearly several factors to consider when shopping for a home loan.
Buying a residential property versus purchasing an investment property involves entirely different considerations. Here are the vital criteria to be on look-out for when selecting the right home loan for your investment property purchase.
A mortgage offset account is among the top home loan features available. And using one correctly can significantly impact your monthly repayments and how much you end up paying for your loan.
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Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
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The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
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Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.
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Rhino 4x4 directors had been previously working with another accountant using MYOB, but they just didn’t have the commercial knowledge that they needed nor the visibility into the numbers. Enter Shannon Smit and the team from Smart Business Solutions to take Rhino 4x4 to the next level.
Having an Estate Briefing Paper prepared by strategic tax advisors means that we can guide the structure of your Estate Plan to ensure your assets will be managed and transferred to your beneficiaries in the most financially efficient and tax effective way.
| The Fair Work Commission (FWC) has handed down its 2026 Annual Wage Review, and the numbers are in. From 1 July 2026, the national minimum wage will rise by 5.97%, and modern award minimum rates will increase by 4.75%. |
Now's the time to review what strategies you can use to minimise your tax before 30 June.
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