With the deadline of the tax return at the end of this month, the Australian Taxation Office (ATO) is careful for the growing number of Australians who use artificial intelligence (AI) to prepare their annual declarations.
Financial comparison site Compare Club examined 1,000 Australians and found nearly a third used AI tools to complete their tax returns, with almost 40 percent that the technology used to manage their personal finances.
It discovered that about 36 percent of the respondents were open to the use of AI for finance, while a quarter said they would not trust it.
And more than half of the participants in the survey reported to use AI the most for budgeting, with saving or investing with 45 percent and tax preparation at 31 percent.
ATO assistant commissioner Robert Thomson said that the office “was aware” that people used AI to complete tax returns and receive tax advice.
“We would just give some caution if people use AI to get tax advice because there can be risks, and we know that some of the AI platforms give incorrect advice,” he said SBS News.
“AI can really sound confident in his answer, even if it is wrong, and AI content is only as good as the platforms or content it makes.”
Thomson said that tax laws could be complex and differed between countries, so there was an increased risk that the information AI will attract for you can be incorrect.
He urged everyone to use AI to prepare their tax return to check the sources by clicking on the link to the page that the AI refers to and to look for credible advice such as on the ATO, or from a tax agent or super professional.
“Whether you use AI or not, you are responsible for the information that goes in your tax return,” said Thomson.
“You are still responsible for the information that comes in.”
Privacy or risks in the use of AI to draw up tax returns
Thomson warned of serious privacy problems, not only when using tools such as AI chatbots, but also for when you can receive a phone call or e -mail from someone who says they are from the ATO.
“If you are going to provide one of your private information, such as your Mygov information or tax file number, what we would say is that you have to stop, think and protect,” he said.
“Consider whether you trust the person you give information and whether they can keep it safe.
“Consider whether this can be a scam and whether that person really needs your information.
“If something feels wrong, contact the ATO immediately – especially if you have specified your information. Not only your tax file number, this can contain things such as your date of birth, your account details and your current address. Buyers will put all that information together as a puzzle to steal your identity.”
Thomson said that the focus of the ATO was on remembering people that if they use AI for tax advice, they must be aware of the corresponding risks and always check the information with a credible source.
“We know that people probably use AI to maximize their claims about tax time, but we already have more than 40 industry -specific guidelines on our website that explain what you can and cannot specifically claim for your work, so that is really a good source for people,” he said.
Compare Compare Club’s research shows that Australians still prefer expert, human advice.
While two -thirds of the respondents used AI more than a year ago, financial advisers and government sources were still the most trusted sources for financial advice, 59 and 44 percent respectively scored, while AI scored only 25 percent.
Head of research at Compare Club, Kate Browne, said that AI was a great basis for building on existing knowledge, but it was “important to always check your information”.
“We know that people still get information from their family and friends and they are actually more likely to be wrong, but our recommendation for something like it is to use it as one of your tools,” she said.
Browne said it was “very easy to see Ai’s attraction”.
“AI is free or cheap, a time saving, 24-7 available, so it’s very easy to see the attraction.”
But, she said, the best thing about AI was that it made contemporary, complex information and language accessible.
“One of the reasons why people told us that they use AI to get money advice is to break down complex terms, so I think it is quite positive in that sense. One of the biggest barriers with great financial decisions is that people don’t understand, and AI definitely removes that obstacle,” she said.
This article is general information. Consult a professional if you need financial advice.
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