CPA Australia has advised taxpayers to obtain professional advice as the end of the financial year approaches, cautioning that guidance from social media “finfluencers” or AI tools could result in “costly mistakes”.
According to CPA Australia tax lead Jenny Wong, the 2026–27 Federal Budget contains the “most substantial proposed changes” to the tax system in decades. This includes capital gains tax (CGT) reforms, negative gearing and discretionary trusts.
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Wong said: “With major changes proposed across capital gains tax, property investment and trust structures, it would be very unwise to rely on generalised advice from social media or AI tools.
“The rules are becoming more complex and more nuanced. What might appear to be a simple strategy online could have very different outcomes depending on your individual circumstances.”
She pointed to a shift from the CGT discount to indexation, which introduces a minimum 30% tax on capital gains from July 2027.
Wong explained that the new limitations on negative gearing and a minimum 30% tax on discretionary trust income from July 2028, saying these raise the likelihood of misinformation spreading online.
She noted that widely shared online tax tips often do not reflect how Australian tax rules operate in practice.
She said: “Relying on generic advice – particularly from overseas sources or AI tools that don’t consider your personal situation – can lead to incorrect claims, poor financial decisions and unintended tax consequences.”
She urged taxpayers to be especially careful with advice relating to property investment and capital gains, given the proposed changes.
Wong said that while digital platforms can improve general financial awareness, they cannot replace tailored, professional input.
