Q:

How accurately can the distance of a star be measured?

With the launch of the GAIA mission some years ago, a new precedent was set in mankind's ability to map our universe. However, how accurate are the distances created by this? From ESA's website, I found:

In the final Gaia catalogue, expected in the early 2020s, brighter objects (3-13 magnitude) will have positions measured to a precision of 5 microarcseconds, parallaxes to 6.7 microarcseconds, and proper motions to 3.5 microarcseconds per year

If we take the value 6.7, and put that into the equation: d=1/p, we get d=1/0.0000067=150,000 parsecs. This is immensely accurate given that most sources tell me that the most accurate is around 1000 parsecs (accurate to 0.001 arcseconds).
Are my calculations correct, or did I use a wrong value somewhere?

A:

The number is the accuracy. So for a star at 15.000 parsec that is a parallax of 67 micro arcsec this would mean a 10% accuracy of that distance.

