How good is ChatGPT at tax?

HomeInsights

How good is ChatGPT at tax?


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.

Lets work together.

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.


GET IN TOUCH GET IN TOUCH


Events Coming Soon

4 Nov

Education Bonds: Saving for Private School

Darren and Jenny have one child and are planning for his secondary education at a Melbourne private school. Utilising education bonds, they aim to ensure they have sufficient funds to cover all tuition fees and associated costs throughout his education.


READ MORE READ MORE
4 Nov

Navigating Australia’s Bracket Creep: Strategies for Managing Rising Tax Liabilities

As Australia's highest marginal tax bracket impacts more individuals, a growing number of Australians face rising tax obligations due to "bracket creep," where wage growth outpaces tax rate adjustments. This trend is expected to persist, with tax-efficient strategies the backbone for financial advice to help individuals secure long-term wealth.


READ MORE READ MORE
30 Oct

5 things to know about car loan refinancing

Car loan refinancing involves replacing your existing car loan with a new one. The new loan pays off your existing debt, allowing you to start making payments on the refinanced car loan.


READ MORE READ MORE


Related News

4 Nov

Navigating Australia’s Bracket Creep: Strategies for Managing Rising Tax Liabilities

As Australia's highest marginal tax bracket impacts more individuals, a growing number of Australians face rising tax obligations due to "bracket creep," where wage growth outpaces tax rate adjustments. This trend is expected to persist, with tax-efficient strategies the backbone for financial advice to help individuals secure long-term wealth.


READ MORE READ MORE
14 Oct

Smart Financial Planning for New Parents: 9 Essential Tips to Manage Parenthood Costs

Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.


READ MORE READ MORE
19 Sep

Understanding the Taxable Payments Annual Report (TPAR): A Guide for Australian Businesses

The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.


READ MORE READ MORE