Budget 2008-09: Off-the-shelf Accounting Software

01.10.08

The Tax Office has issued a guidance document to assist its tax officers in determining whether taxpayers who use off-the-shelf accounting software are meeting the record keeping requirements as imposed by the tax laws.

According to the document, taxpayers using accounting software will satisfy the tax laws if:

• the software name and version is recorded;
• a record is made of the components of the software package that have been installed and the date of installation;
• a chronological record is kept of all system changes or upgrades;
• a record is made of the options that have been enabled or disabled; and
• any manuals or instructions provided with the software package are kept.