Tuesday, December 14, 2010

New Zealand's Inland Revenue Department: Keep A Local Copy Of Tax Records

New Zealand's Inland Revenue Department issued a Revenue Alert today expressing their concern that they "are concerned that the use of cloud computing may mean businesses are not meeting their record keeping obligations under the Inland Revenue Acts".

This should be taken as a heads up, not just for our Kiwi brethren, but also for us - if we use a Cloud-based accounting system, are we keeping enough backups of this data such that we're complying with Australian Tax Law and ensuring we have the ability to provide our books for auditing should that become required?  That goes wherever the data is stored - what happens if the Cloud service provider is offline and we need to have our books audited?

The Outspoken Wookie

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