AI strategy & opportunity mapping, custom AI build & deployment, AI systems management, governance & assurance, and commercialisation & data-asset ownership — delivered in-house by Local Knowledge Pty Ltd. The models, the data and the workflow are yours to keep, and every material output is reviewed by a CPA. You own the system; a CPA owns the judgement.
You can own the system you build around a model — your data, your workflows, your prompts and the software that ties them together — even though you rarely own the underlying model itself. The distinction that matters is between renting a feature inside someone else’s product and owning an asset that keeps working, and keeps its value, if you change providers.
What it depends on
Where judgement stays human: Whether a given build is genuinely an owned asset or a dressed-up subscription is a judgement about the contract and the architecture — the part worth getting right before you invest.
Start from where you are
Most people don’t arrive knowing which service they need — they arrive with a feeling. Pick the one that sounds most like you. No question is silly, and nobody here will judge where things are at.
None of these quite fit? Tell us in your own words — a real person reads every message.
Not accusations — diagnostics. If any of these give you pause, that’s exactly where owning your AI system earns its place.
You’re paying for AI every month. When the subscription ends, what do you actually keep?
If the model, the data and the workflow live on someone else’s platform, the answer is often “nothing”. A system you own is one you can take with you.
Founders & business ownersEveryone is “doing AI”. Which decisions in your business should it actually make — and which should it never touch?
Value comes from mapping the decisions first, not from switching on a tool and hoping. The interesting question is where AI adds leverage and where it quietly adds risk.
Operations & product leadersYour model made sense last quarter. Who is watching it now that the data has moved on?
Models drift and data flows change. Without governance mapped to a standard, you find out when something breaks — not before.
Operations & risk ownersYour AI touches customer data every day. Would that hold up against the Privacy Act and the AI Ethics Principles?
A black box you can’t inspect is hard to defend. Ownership and governance are what make an AI system one you can stand behind.
Founders & compliance ownersYou built something genuinely new to run your business. Are you claiming the R&D Tax Incentive for it — with records that would survive a review?
Eligible AI development can qualify. The claim is rarely the hard part; the contemporaneous evidence behind it is.
Product & technology leadersYour AI system and the data behind it could earn. If you licensed them tomorrow, who owns them — and where would the income land?
Owners planning to commercialiseAll four delivered in-house by Local Knowledge Pty Ltd — from mapping where AI belongs, to building it, governing it, and turning it into an asset you own.
Everyone is “doing AI”. The real question is which decisions in your business it should actually make — and which it never should.
Learn moreA subscription is something you rent. We build the AI system — the model, the data and the workflow — as an asset you own.
Learn moreA model that made sense last quarter can drift, leak data or make a call it never should. Who is watching it — and against what standard?
Learn moreYour AI system and the data behind it can earn — but only if you own them, and the income lands in the right entity.
Learn moreYou own the system; a CPA owns the judgement. We build AI systems you own — the models, the data and the workflow — and we never hand your data or your decisions to a black box you rent and can never take with you. Our in-house work — AI strategy and opportunity mapping, custom AI build and deployment, AI systems management, governance and assurance, and commercialisation and data-asset ownership — is delivered by Local Knowledge Pty Ltd under a signed engagement, with every material output reviewed by a CPA.
We don’t trade on hype — we point at the standards and the law. The regimes below are where AI value, governance and risk actually live.
ISO/IEC 42001 — AI management systems
The international standard for governing AI responsibly — the framework we map controls, monitoring and accountability to.
Australia’s AI Ethics Principles (DISR)
Eight voluntary principles from the Department of Industry, Science and Resources that frame fairness, transparency, accountability and human oversight of AI.
Privacy Act 1988 (Cth) & the Australian Privacy Principles
How personal information may be collected, used and handled — the baseline every AI system that touches customer data must hold up against.
R&D Tax Incentive (Div 355 ITAA 1997) & AASB 138
Eligibility and claim support for building genuinely new AI, and recognition of the system and data you own as intangible assets.
AI Systems is the AI specialist lane of the Local Knowledge group. Your strategy, accounting, tax and bookkeeping can sit alongside it — one team, one view of the numbers.
The questions we’re asked most — each grounded in the standards and the law.
A subscription switches on fast and can never be owned: your prompts, your data and your workflow live on someone else’s platform, and the day the price changes or the service closes, so does your capability. A custom build is different — the model, the data pipeline and the workflow are yours, documented and portable, and recognised as an intangible asset under AASB 138. You keep what you paid to build.
If you conduct eligible experimental development, the R&D Tax Incentive under Division 355 of the ITAA 1997 (jointly administered by AusIndustry and the ATO) may be available for building genuinely new AI systems. Eligibility turns on the nature of the activities and — critically — on contemporaneous records. The claim itself is rarely the hard part; the evidence behind it is what has to survive review.
By governing it to a recognised standard rather than trusting it blindly. We map controls to ISO/IEC 42001 (AI management systems) and Australia’s AI Ethics Principles, check data handling against the Australian Privacy Principles under the Privacy Act 1988, and keep a human-in-the-loop assurance layer so a CPA reviews the decisions that matter. Governance reduces risk to a reasonable level — it is never a guarantee.
You do — by design. We structure the engagement so the model, the workflow and the data asset are owned by the entity that should hold them, recognised under AASB 138 where they can be reliably measured, and positioned so that if you licence or commercialise them the revenue is recognised correctly under AASB 15 and the income lands in the right entity. Ownership decided up front is inexpensive; unwinding it later rarely is.
Financial Services · financial.sydney.accountants
The same “build what you own” principle applies to compliance. Local Knowledge Financial Services is our specialist desk for financial licensees — licensee reporting and audit coordination, client-money & trust-account compliance, accounting & tax structuring, and compliance advisory, all in-house.