Cartland Law founder Adrian Cartland is warning South Australian business owners to be wary of AI-generated tax advice as demand ramps up for accounting services following the federal government\u2019s changes to tax law.<\/p>\n
The lawyer, who has been practising law for two decades and has been principal of his own firm for 11 years, said accounting firms would be flooded with inquiries as the federal government new budget tax law changes affect \u201cevery single business owner\u201d.<\/p>\n
\u201cWhat this [federal ]budget changes \u2013 assuming that it\u2019s passed \u2013 requires a restructure of every single business in Australia,\u201d said Cartland, who calls himself the \u2018Taxinator\u2019 over his impressions of Terminator movie action man Arnold Sschwarzenegger.<\/p>\n
\u201cEvery single business owner needs to go to their accountant and tax advisor and work out how they are going to change their structure.\u201d<\/p>\n
This will mean a rush on already-stretched tax advisors, Cartland said, and might drive business owners and advisors to generative AI platforms for advice.<\/p>\n
\u201cThis is a once-in-a-generation boom of work for tax advisors,\u201d Cartland said.<\/p>\n
\u201cThey\u2019re going to be stretched, so the only way to survive the next 12 months is by using AI.\u201d<\/p>\n
He likened using OpenAI\u2019s popular ChatGPT program to driving a car, saying that you need someone to teach you how to drive a car.<\/p>\n
\u201cPeople don\u2019t know how to use AI,\u201d he said.<\/p>\n
\u201cThe rule is that you can use AI to do something that you could do ordinarily, given time, but faster.\u201d<\/p>\n
The changes opened up an opportunity for Cartland to spruik an AI platform developed in Perth that uses Cartland\u2019s tax law expertise that he says could grease the wheels for accountants.<\/p>\n
Called SavvyWise, the platform draws on authoritative sources including legislation, tax rulings and exclusive expert commentary written by Cartland to help accountants with tax research.<\/p>\n
Currently, the platform has 2000 users from 150 accounting firms and is valued at approximately $27.5 million.<\/p>\n
Cartland had previously been a developer of AI-based legal technology, but said he no longer sold products anymore to focus on his specialist tax law firm.<\/p>\n
\u201cIt means I can consult to tech companies because I have a skill set \u2013 I\u2019ve been doing this for a dozen years \u2013 I\u2019m a dual expert in law and AI,\u201d Cartland said.<\/p>\n
He said his advice was an important part of SavvyWise because it differentiated it from any other legal search product.<\/p>\n
\u201cI said, what this needs is unique content,\u201d said Cartland, who claims he read the Master Tax Guide for fun while on university holidays.<\/p>\n
\u201cI have a special skill set in tax law and have the largest tax team in the state. I\u2019ve been working on this for a long time.\u201d<\/p>\n
SavvyWise co-founder Drew Pflaum has commissioned Cartland to write the equivalent of 25 to 30 books on tax law over the next year to power the legal tech offering.<\/p>\n
He said his content augments the basic information embedded into SavvyWise \u2013 tax rulings, legislation, case law.<\/p>\n
\u201cYou need someone to use their expertise and go, \u2018these are the things you should be looking at\u2019.<\/p>\n
\u201cThe generation part is one piece of it, but a well-functioning search engine is something else. That\u2019s the piece that SavvyWise does well.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Cartland Law founder Adrian Cartland is warning South Australian business owners to be wary of AI-generated tax advice…\n","protected":false},"author":2,"featured_media":678371,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[256,254,255,64,63,105],"class_list":["post-678370","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-au","tag-australia","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/678370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=678370"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/678370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/678371"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=678370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=678370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=678370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}