From www.accountantsdaily.com.au: Taxpayers are increasingly turning to ChatGPT for information and advice on complex tax issues, which raises concerns about accuracy and compliance within the tax system.

ChatGPT may not fully understand individual taxpayer circumstances and can generate incorrect responses, heightening the risk of errors and potential penalties.

The reliance on AI by both taxpayers and some advisors risks undermining the integrity of professional tax advice, especially regarding intricate areas like capital gains tax concessions.