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.
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