From smsmagazine.com.au: The ATO has stated that SMSF practitioners and trustees cannot fully rely on artificial intelligence (AI) for SMSF functions and that human judgment remains essential in critical areas like audits and financial advice.

Deputy Commissioner Emma Rosenzweig highlighted a case where AI-generated submissions included inaccuracies, underscoring the limitations of relying solely on AI. (See also: R&D compliance: Lessons from Body by Michael, and false ChatGPT cases)

The ATO itself has been cautious in integrating AI into its operations, acknowledging its potential but emphasizing a thoughtful approach.