Australia’s largest accounting body CPA Australia is urging taxpayers to seek professional advice this end of financial year, warning that relying on social media “finfluencers” or AI tools for tax guidance could lead to costly mistakes – particularly in light of significant Federal Budget tax reforms.
CPA Australia Tax Lead Jenny Wong said the 2026–27 Federal Budget has introduced some of the most substantial proposed changes to the tax system in decades, including reforms to capital gains tax (CGT), negative gearing and discretionary trusts.
“We’re already seeing social media content and AI-generated responses attempting to interpret these tax reforms in overly simplistic or, in some cases, inaccurate ways,” Ms Wong said.
CPA Australia 6 tax time tips for navigating online advice:
1. Verify the qualifications of anyone providing tax advice2. Ensure advice is specific to Australian tax law and recent Budget changes3. Be cautious of simplified or “one-sizefits-all” strategies4. Avoid relying on AI-generated answers for personal tax decisions5. Understand that tax outcomes depend on individual circumstances6. Seek advice from a registered tax agent, such as a CPA.
CPA Australia is encouraging taxpayers to seek advice from a registered tax agent such as a CPA, and especially so where their circumstances involve investments, property or trusts.