Wangaratta residents are being urged not to rely on social media “finfluencers” or artificial intelligence tools when preparing their tax returns amid the most significant changes to Australia's tax system in decades.

Kane Tyers, from R J Sanderson & Associates Pty Ltd in Wangaratta, said his team strongly supported CPA Australia’s warning that taxpayers should seek advice from a qualified, registered tax agent rather than depending on TikTok videos, online influencers or AI-generated answers.

He said AI platforms, including ChatGPT, could be useful for explaining general tax concepts or basic terminology, but could not replace the experience and professional responsibility of an accountant who understood a client’s full financial circumstances.

“Every tax return is different,” Mr Tyers said.

“Factors such as investments, rental properties, trusts, capital gains, business income, superannuation and family circumstances all require careful consideration under Australian tax law.”

Mr Tyers said Wangaratta taxpayers who misunderstood or left out important information could face incorrect claims, unexpected tax bills, penalties or miss out on deductions they were entitled to claim.

“It is also important to remember that if a tax return is incorrect, the taxpayer remains legally responsible for the information lodged with the Australian Taxation Office,” he said.

“Neither an AI platform nor a social media influencer is accountable for errors made in your return.”

CPA Australia issued the warning ahead of tax time, saying significant Federal Budget tax reforms had increased the risk of misinformation spreading online, particularly around capital gains tax, negative gearing, trusts and property investment.

CPA Australia tax lead Jenny Wong said taxpayers should be wary of generalised advice that failed to take individual circumstances into account.

“The rules are becoming more complex and more nuanced,” Ms Wong said.

“What might appear to be a simple strategy online could have very different outcomes depending on your individual circumstances.”

Ms Wong said online commentary and AI-generated responses were already attempting to interpret tax reforms in overly simplistic, and sometimes inaccurate, ways.

“Tax law doesn’t operate in headlines or short-form videos – and it certainly can’t be applied correctly without understanding the full detail and how the rules interact,” she said.

With the significant tax reforms announced in this year's Federal Budget, Mr Tyers said obtaining accurate, personalised advice has never been more important.

"Professional accountants undertake ongoing education to stay current with legislative changes and provide advice tailored to each client's individual situation," he said.

Mr Tyers said technology was an important support tool for accountants and could improve efficiency and client service, but should complement professional expertise rather than replace it.

He encouraged people across Wangaratta and the surrounding region to speak with a registered tax agent before lodging if they were unsure how the latest tax changes applied to them.

“The cost of professional tax advice is tax deductible, and the peace of mind that comes from getting it right is invaluable,” Mr Tyers said.