CPA Australia highlights risks of relying on AI or finfluencers for tax guidance amid sweeping 2026–27 budget changes.
Australian accountants are urging taxpayers to seek professional advice as major tax reforms loom, warning that generic guidance from AI tools or social media finfluencers could lead to costly errors. The 2026–27 Federal Budget proposes the most significant tax overhaul in decades, including changes to capital gains tax (CGT), negative gearing, and discretionary trusts.
From July 2027, the CGT discount will shift to indexation, imposing a minimum 30% tax on capital gains. Negative gearing limitations and a 30% tax on discretionary trust income will take effect in July 2028. Authorities caution that online tax tips often fail to account for individual circumstances or local regulations, increasing the risk of misinformation.
The complexity of the new rules raises concerns about incorrect claims and unintended tax consequences, particularly from overseas sources or AI tools lacking personalization.