SavvyWise is designed to help accountants start researching client problems by giving a clear direction on the issues that need to be considered.
One of the ways this is achieved is by using the power of AI with the extensive ATO tax database.
Every accountant knows that the ATO Legal Database is a good reference point for tax research. The database includes:
Since SavvyWise has access to this extensive database, accountants are able to find relevant ATO guidance quickly through AI-assisted tax research.
Often what accountants want to find is a private ruling similar to their client’s circumstances.
SavvyWise can significantly streamline the tax research process by navigating and finding relevant PBRs.
Although these private binding rulings only bind the ATO to apply the law as stipulated in the PBR for the specific taxpayer who requested the ruling, they are a fantastic source for gaining insight into how the ATO may apply the law to a client's situation.
Once SavvyWise has found relevant private binding rulings for an accountant's search, hyperlinks are provided to take accountants to the original ATO copy.
Back within SavvyWise, accountants can continue instructing the AI to further refine their research, helping ensure their advice is comprehensive and accurate.
Guidance on the ATO website is not binding on the ATO. However, it often provides insights into the issues that need to be considered and how the ATO is likely to apply the law.
SavvyWise has ATO website guidance at its disposal, helping accountants formulate their opinion on tax research assignments.