AUSTRALIA’S largest accounting body, CPA Australia, is urging taxpayers to seek professional advice this end of financial year, warning that relying on social media “finfluencers” or AI tools for tax guidance could lead to costly mistakes – particularly in light of significant Federal Budget tax reforms.

CPA Australia tax lead Jenny Wong said the 2026-2027 Federal Budget has introduced some of the most substantial proposed changes to the tax system in decades, including reforms to capital gains tax, negative gearing and discretionary trusts.

“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,” Ms Wong said.

“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.”

Ms Wong said the scale and complexity of tax changes, including the CGT discount moving to an indexation method, introducing a minimum 30 per cent tax on capital gains from July, 2027, limitations on negative gearing and a new minimum 30 per cent tax on discretionary trust income from July, 2028, all increase the risk of misinformation spreading online.

“We’re already seeing social media content and AI-generated responses attempting to interpret these tax reforms in overly simplistic or, in some cases, inaccurate ways,” Ms Wong said.

“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.”

Ms Wong warned that popular online tax advice often fails to reflect how Australian tax law applies in practice.

“Whether it’s claims about maximising deductions, restructuring investments or timing asset sales, the reality is these decisions now require a much deeper understanding of the rules,” 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.”

Ms Wong said taxpayers should be particularly cautious about guidance relating to property investment and capital gains, given the proposed changes.

“We’re seeing commentary online from finfluencers suggesting people should act quickly or restructure their finances based on incomplete interpretations of the Budget,” Ms Wong said.

“The risk is particularly acute when it comes to encouraging people into self-managed super funds following the proposed CGT changes. It’s one thing to promote potential tax savings, but a minute-and-a-half of online commentary rarely captures critical considerations like preservation rules, trustee obligations and long-term compliance.”

While digital platforms can play a useful role in improving general financial awareness, Ms Wong said they are not a substitute for qualified advice.

This year the ATO is focused on work‑related expenses that lack proper connection to income, omitted income from side hustles and platform income.

“AI tools can provide general information, but they don’t apply judgement, they don’t understand your individual circumstances, and they don’t replace professional advice,” Ms Wong said.

“Importantly, if you rely on incorrect information and your tax return is wrong, you are the one accountable – not the influencer or the platform.”

CPA Australia encourages taxpayers to seek advice from a registered tax agent, and especially so where their circumstances involve investments, property or trusts.

“A qualified accountant can help you navigate these changes, ensure compliance and make informed decisions based on your individual situation,” Ms Wong said.

“With the right advice, you can not only avoid costly mistakes but also ensure you are making the most of the opportunities within the rules.”

Ms Wong also said the cost of professional tax advice is itself tax deductible.

“In a year of significant tax reform, professional advice isn’t just valuable, it’s essential,” she said.