A chatbot powered by artificial intelligence is launching this EOFY to help Australians file their tax return in around five minutes.
Acting as a virtual tax accountant — the first of its kind globally — TaxBot engages in a simple conversation with users over Facebook Messenger to help them complete their tax return efficiently and affordably.
TaxBot is a registered tax agent with proprietary technology integrated directly with ATO systems. It was created in collaboration by accounting firm, mi-fi, and chatbot consultancy, inGenious AI, after the two identified a gap in the market for Australians who have simple tax returns.
“Looking at ABS data, we found approximately 40 percent of Australian’s tax returns are ‘simple’. This demographic is unmarried, they don’t have investments, and have less than $300 of work-related expenses,” says inGenious AI Head of Conversational Design and TaxBot CEO Andi Chatterton.
mi-fi co-founder and partner Campbell King says, “The reality is, a lot of people don’t need to be paying an accountant to file a basic tax return for them, but they still want a quick and accurate solution that guides them through the process and gives them peace of mind that they are completing their tax return correctly and claiming appropriate deductions.”
TaxBot was designed for optimum user experience; requiring no paperwork, only an individual’s Tax File Number and bank account details. It has been built with security as the highest priority.
Chatterton says, “We’ve prioritised privacy and data protection in the development of TaxBot. We source users’ data directly from the ATO in real time, ensuring it’s accurate and secure.
Additionally, we’ve developed a system that securely collects user’s information, so Facebook doesn’t have access to the user’s personal data at any point.”
“In addition to prioritising security, we’ve designed TaxBot to have a fun and conversational tone in order to make the process approachable and engaging.”
inGenious AI worked closely with mi-fi to ensure the technology is built on solid taxation principles and is equipped to address all the potential questions an accountant would typically ask.
“AI will take over the work in an increasing amount of tax matters. We saw this as a challenge to show what is possible and to embrace an AI driven future for the accounting industry” says King.
“We think basic accounting services should be affordable and accessible so that people with simple tax profiles, especially young people, can file their tax returns quickly and without hassle. We’re proud to have been involved in the creation of TaxBot and to be bringing this tax innovation to the Australian market.”
While TaxBot is currently targeted at individuals with simple tax returns, based on feedback and learnings from 2018 lodgements, mi-fi and inGenious AI will be looking at ways to incorporate people with more complex tax profiles in 2019.
From June 18, users can access TaxBot to register for a notification to lodge their tax once their employer has submitted their group certificate — from July 7 onwards — at a flat rate of $20. This fee can be claimed as a tax deduction the following year. Users receive $5 off if they share the bot with friends.
mi-fi is a next generation accounting firm founded on technology that goes far beyond the realms of traditional accounting and challenges the way organisations do business.
Providing end-to-end financial support, mi-fi’s team of tech-savvy accountants analyse businesses intheir entirety and leverage technology to streamline processes, improve workflow, scalability and increase outputs. mi-fi endeavour to see things differently in order to do things better, by implementing best practice for its clients, not just compliance.
mi-fi’s clients include QSIC, The 5th, Clarke Hopkins Clarke, Universal Practice and Bell Frankie.
About inGenious AI
inGenious AI is a chatbot consultancy and SaaS Chatbot CMS platform that creates engaging, informative and useful conversational interfaces (CIs), enabling customers to communicate with companies in the same way as they would with their friends.
It specialises in providing an enjoyable, effective one-to-one customer experience via chatbots, which are scalable and comparatively low cost. inGenious AI has designed and built chatbots for some of Australia’s most innovative companies on messaging platforms such as Facebook Messenger, and voice-based platforms such as Amazon Echo and Google Home.
inGenious AI’s clients include Bupa, WillisTowersWatson, Monash University and World Vision.
**This article was provided through a newswire and does not express the views or opinions of 61-Bit.