The Australian Taxation Office has warned taxpayers against relying on generative AI to complete their tax returns. It's also urging people with side hustles to seek professional advice to correctly determine whether their income is classified as a business or a hobby.More InformationFeatured: Miriam Fiorenza, Business ownerAngel Zhong, Professor of Finance at RMIT UniversityAnita Challen, Assistant Commissioner, Australian Taxation OfficeCreditsOliver Gordon, ReporterImage DetailsThe tax office is warning people to be mindful of information gathered through the use of generative AI. (Four Corners: Mark Hiney)Program:More from AMTranscriptBarbara Miller: The end of the tax year is fast approaching and you might be tempted to get AI to help you complete your return. But the tax office is warning people to be mindful that they are ultimately responsible for any errors. Oliver Gordon reports.Oliver Gordon: Miriam Fiorenza is a bookkeeper by trade but runs a dog walking business on the site.Miriam Fiorenza: We are special because we do individual walks. So for example today we did 10 different walks and they were all individuals.Oliver Gordon: It's a handy way to make some extra cash each week.Miriam Fiorenza: I would say between three to five hundred per week before taxes.Oliver Gordon: But when it comes to tax time, having a side hustle can make things complicated. Miriam has used AI to help her work out how much tax she owes but says she wouldn't rely on it totally.Miriam Fiorenza: I will always say you can rely 80% but 20% I think humans still can get to finish off the job.Oliver Gordon: As the end of financial year draws closer, you may be tempted to use generative AI systems like ChatGPT or Google Gemini to help you file your tax return. RMIT University Professor of Finance Angel Zhong says that's a bad idea.Angel Zhong: Even for the most simple tax situation, AI can't replace your judgement.Oliver Gordon: The professor's research has shown some mainstream AI chatbots are using old information.Angel Zhong: Some AI platforms are trained on the previous three to five years of data.Oliver Gordon: Anita Chellan is Assistant Commissioner with the Australian Tax Office and is warning the community to be mindful of information gathered through AI chatbots.Anita Challen: You're still ultimately accountable for what you put in your tax return.Oliver Gordon: And what should people with side hustle businesses be aware of when they go to file their tax return this year?Anita Challen: The first thing is to remember that you might be running a business if you're running a side hustle. And it's important to know because of course there are different tax obligations if you're running a business as compared to something that you might be doing just as a hobby or for recreational activity.Oliver Gordon: The Assistant Commissioner says determining whether you're running a business or hobby comes down to whether or not you're doing it with the intention to make a profit.Anita Challen: There's some really great information on our website. You can type in, am I running a business? And that'll take you through a checklist that will give you advice with regards to whether or not the side hustle is a business and what those obligations are.Oliver Gordon: Assistant Commissioner Challen doesn't believe everyone selling items online is necessarily in business. But she says if you're making money ride sourcing through apps like Uber, it's probably a different story.Anita Challen: You probably are running a business. And the second is in terms of your obligations, you may need to register for GST.Oliver Gordon: The end of financial year is tomorrow.Barbara Miller: Oliver Gordon. Appears In Worrying spike in AFL head injuriesDuration: 20 minutes 27 seconds20m 8itemsIn this episode1 of 8The alarming rate of brain injury among AFL playersDuration: 3 minutes 43 seconds3m 43s2 of 8Property market downturn in major citiesDuration: 3 minutes 55 seconds3m 55s3 of 8Tens of thousands still missing after Venezuela earthquakesDuration: 2 minutes 50 seconds2m 50s4 of 8Venezuela scrambles to save earthquake victimsDuration: 4 minutes 4m 5 of 8Fragile Middle East ceasefire under strainDuration: 3 minutes 1 second3m 1s6 of 8More drones to surveil Sydney beaches for sharksDuration: 3 minutes 7 seconds3m 7s7 of 8PlayingWarnings over AI tax returnsDuration: 3 minutes 3m 8 of 8Calls for inquiry into foreign-run Facebook pagesDuration: 2 minutes 56 seconds2m 56s