AI for Accountants Glen Waverley

It records the grant date against the client and splits the year at that date. Before the grant, most foreign-sourced income is generally not assessable for a temporary resident; from the grant onwards, their worldwide income is. The dedicated AI sorts the overseas rent, interest and dividends into the two periods, lists overseas assets that are not taxable Australian property so the accountant can document their market value at the date temporary resident status ended, and leaves a note explaining every split. The accountant confirms the residency position and signs off; the AI makes sure nothing is missed or double counted.

Yes. Clients in Glen Waverley regularly forward statements from mainland banks, rental agreements for apartments in China and individual income tax records, all in Mandarin. The dedicated AI reads them, produces a short English working note for the file that shows the original figure, the translated description and the source page, converts the amount to Australian dollars using the exchange rate method your firm has chosen, and posts it to the right account in Xero or MYOB. The original document stays attached, so a reviewer can always check the translation against the source.

China's individual income tax year runs January to December, while ours runs July to June, so a Chinese tax record rarely lines up with the Australian return it supports. The AI apportions the foreign income and the tax paid on it across the two Australian income years, shows the working, and flags any year where the tax has been paid but the evidence has not arrived yet. The accountant decides how much offset to claim.

That is exactly the case it is set up to flag. Since the changes that took full effect after 30 June 2020, an individual who is a foreign resident when the contract is signed generally cannot use the main residence exemption, unless a narrow life events exception applies. When a sale is on the horizon, the dedicated AI checks the client's recorded residency, raises the issue with the accountant before contracts are exchanged, pulls together the purchase, improvement and holding cost records for the cost base, and reminds the team that foreign resident capital gains withholding applies at 15% with no minimum price threshold for contracts from 1 January 2025, so resident vendors need a clearance certificate on every sale.

From early May it builds a per-trust checklist: estimated net income from the Xero or MYOB ledger, the deed's resolution deadline, last year's distribution pattern, and a flag on any beneficiary who has moved overseas or whose residency changed, since a foreign resident beneficiary changes who is assessed and how. It drafts the resolution pack and chases trustees in English or Mandarin until it is signed. It also highlights patterns the accountant should look at under the ATO's section 100A guidance, such as a distribution to an adult child that appears to flow back to the parents. The accountant and trustee make every decision.

It can draft reminders and document requests in English, simplified Chinese or both, matched to each client's preference, so a family that is more comfortable in Mandarin gets a clear list of what is missing. Anything that amounts to tax advice is drafted for the accountant to approve before it goes out, and the English version is kept on file.

In Australia. Each dedicated AI runs single-tenant on AWS in the Sydney region, in its own isolated environment for your practice. Passport details, visa grant notices and foreign bank statements are not pooled with any other firm or used to train models for anyone else, and every action is logged so you can show exactly who, or what, touched a file.

No. Residency determinations, CGT positions and trust distribution advice remain the registered tax agent's call, and the agent reviews and lodges. The dedicated AI prepares workings and keeps an audit trail, which supports the Code of Professional Conduct requirement to take reasonable care. Nothing is lodged without a registered agent's sign-off.