Do you still need an accountant now that AI can answer almost anything? Ben McEachen puts that question to Pete Burrows, an accountant with Lower Russell Farr in Penrith. Pete's quick answer: AI is okay, but sometimes you need actual intelligence. He shares when a simple tax return is fine to do yourself, the red flags of a dodgy accountant, and why a phone call before a big purchase beats fixing a costly mistake. Plus, a client who went all in on crypto, and a super tip many couples miss.

Key Takeaways

• Actual Intelligence Over Artificial: AI can process your numbers, but an accountant interprets them and helps you act on them.
• Complexity Is the Trigger: Simple PAYG returns may not need an accountant. Investments, capital gains, negative gearing, a new business or an SMSF usually do.
• Ask Before You Act: A quick call or email costs far less than fixing a big financial mistake after the fact.
• Honesty Is Non-Negotiable: A good accountant won't help you hide income or stretch deductions. One who will is a red flag.
• Welcome the Pushback: Much of the value in advice comes from someone testing your ideas and naming the risks before you commit.
• Conversations Uncover Opportunities: Face-to-face discussions surface tax and super strategies, such as spouse contributions, that you may not think to ask about.

Notable Quotes

1. "Artificial intelligence is okay. I think occasionally you will need actual intelligence." — Pete Burrows
2. "A phone call to us is cheaper than a big bad mistake that you're going to make if you don't." — Pete Burrows
3. "Doesn't always mean they're going to like the answer, but you need to work with the truth." — Pete Burrows
4. "If I went to an accountant and they were supportive of my dodginess, I should really, at that point be walking out the door." — Ben McEachen
5. "The advice you gave at the time was right for the time. But circumstances and life is dynamic and does change." — Pete Burrows