KPMG Australia has unveiled KymTax, a new generative AI tool aimed at fundamentally transforming the approach to tax advice. The custom-built technology is crafted to provide KPMG's tax specialists with swift access to a comprehensive repository of the firm's proprietary tax knowledge.
KymTax is positioned as one of the first applications of generative AI in the domain of tax services on a global scale. Serving as a personal tax researcher, it aids professionals by navigating through complex tax legislation, guidance and training materials, and precedent documents. The tool is designed to produce high-quality initial drafts of tax advice, based on the facts provided by tax specialists, which can subsequently be tailored to meet specific client requirements.
The newly launched AI tool acts as a multifaceted enablement system, integrating functionalities akin to a research tool, a knowledge management platform, and a content generator. It also features capabilities to create tax-related content for presentations and email communications, as well as provide answers to contemporary tax issues.
John Munnelly, the Chief Digital Officer of KPMG Australia, described KymTax as a revolutionary AI tool that places the firm's extensive tax knowledge at the disposal of its specialists. "Built on a custom dataset that includes years of KPMG's internal tax documentation, KymTax utilises this data to draft documents, enhanced with information from external resources such as the Australian Taxation Office's (ATO) legal database and the Federal Register of Legislation," Munnelly explained.
The inception of KymTax originated during an internal ChatGPT Illuminate challenge, aimed at identifying suitable generative AI applications within the firm. The tool was developed internally by KPMG's Connected Technology Group in collaboration with the firm's Tax & Legal and Enterprise divisions. It underwent a comprehensive Trusted AI review alongside a governance approval process, which included scrutiny by an advisory board with an independent external member.
Ben Travers, KPMG Australia's National Managing Partner for Tax & Legal, highlighted the efficiency gains anticipated from KymTax. "This tool will enable our team to work more efficiently, lessening the time spent on manual research and data consolidation. This allows our professionals to concentrate on high-value, strategic tasks for our clients, ensuring that our advice is always in alignment with the latest tax developments," Travers stated.
He emphasised that the knowledge within KymTax is derived from KPMG's extensive internal resources, rather than from external platforms like ChatGPT. "The reference material and the context for the advice generated by KymTax originate from KPMG's proprietary know-how. Our professionals decide the framework, and the AI efficiently finds the data, reads, and summarises documents. Essentially, KymTax serves as a personal research assistant for every tax professional in our firm," Travers added.
KPMG is a global organisation offering Audit, Tax, and Advisory services through its member firms, which operate in 143 countries and territories, employing over 265,000 partners and employees worldwide. Each firm within the KPMG network is a legally distinct entity, responsible for its own obligations and liabilities.
