Specifically, the association has warned about the dangers of getting advice from finfluencers and artificial intelligence.
CPA Australia tax lead Jenny Wong said the 2026–27 Federal Budget has introduced some of the most substantial proposed changes to the tax system in decades, including reforms to capital gains tax (CGT), 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,” 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.”
Wong said the sweeping nature of the proposed reforms, including changes to capital gains tax, negative gearing and discretionary trust taxation, heightened the risk of misinformation as Australians attempted to navigate one of the most significant tax shake-ups in decades.
“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,” Wong stated.
This echoes the sentiments of the Australian Securities and Investment Commission (ASIC), who have warned younger Australians in particular on the dangers of online advice through finfluencers and AI.
“Social media is part of everyday life, but when drawing upon it for important decisions it’s important to make sure it’s balanced by credible sources of information,” ASIC commissioner Alan Kirkland said at the time.
He continued: “While Gen Z value credibility when seeking financial advice, what they see on social media is usually shaped by algorithms that are designed to drive clicks and views rather than providing accurate information.
“Anyone considering making a financial decision based on information they have seen online should take a moment to sense check and compare it with trusted, evidence-based sources.”
Kirkland further highlighted that AI and finfluencer advice is often informed by frequently repeated and attention-grabbing advice trends that is highly speculative, potentially exposing young to people to a level of risk entirely inappropriate to their needs.
Wong of the CPA agreed: “We’re seeing commentary online from finfluencers suggesting people should act quickly or restructure their finances based on incomplete interpretations of the Budget.”
“The risk is particularly acute when it comes to encouraging people into self-managed super funds (SMSFs) 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.”
