KPMG Australia today launched KymTax, a custom-built generative AI tool designed to put the breadth and depth of KPMG’s Tax proprietary knowledge at the fingertips of the firm’s tax specialists.
Believed to be one of the first Gen AI applications globally for tax services, KymTax is a personal tax researcher, helping tax professionals comb through tax legislation, guidance and training materials and precedent documents. It will be used to craft high-quality first drafts of tax advice, based on facts presented by tax specialists, that can then be adjusted and adapted for client purposes.
Launching today across the firm’s tax teams, KymTax is a bespoke enablement tool which is a combination of a research tool, knowledge management platform and content generator. It will also create tax-related content to be shared in presentations and emails and provide answers to specific questions on recent tax issues.
John Munnelly, KPMG Australia Chief Digital Officer, said “KymTax is a cutting-edge generative AI tool designed to put the breadth and depth of our proprietary tax knowledge at the fingertips of our specialists. Built on a custom dataset comprising years of KPMG’s internal tax documentation, it will digest precedents, training materials and position papers, augmented with data from external sources such as the ATO’s Legal database with the Federal Register of Legislation, and use that for first drafts of documentation.”
The idea for KymTax was conceived during of an internal “ChatGPT Illuminate” challenge that aimed to uncover the most appropriate generative AI use cases within the firm. It was developed internally by KPMG’s Connected Technology Group, who worked closely with the firm’s Tax & Legal and Enterprise divisions. During development, KymTax passed through a Trusted AI review as well as a governance approval process, which included review by an advisory board with an independent external board member.
KPMG Australia National Managing Partner for Tax & Legal, Ben Travers said: “KymTax will enable us to work smarter, reducing time spent on manually researching and consolidating a range of data sources, freeing up our people’s time to focus on high-value, strategic work for our clients, while making sure our advice always aligns with the very latest tax developments.”
“We’re taking our existing knowledge base and ingesting it into the solution – it’s not coming from ChatGPT – the reference material and the context behind how it generates its advice comes from our internal KPMG know-how. It’s our people who have made the decisions and created the framework and the AI works to find the data, read and summarise documents. KymTax is like giving every tax professional in our firm their very own research assistant,” he added.