New Zealand’s largest accounting software provider MYOB has now received Inland Revenue Department approval to keep taxpayer business records offshore.
As is common with cloud-based products, the business financial records of MYOB cloud accounting software clients are securely stored in offshore data centres.
Section 22 of the Tax Administration Act (1994) previously required taxpayers to keep their business records in New Zealand unless they had approval to store them elsewhere.
The act was amended allowing companies like MYOB with large customer bases to apply for blanket exemptions on behalf of all their clients.
MYOB NZ executive director Scott Gardiner says MYOB has spent additional time working closely with the IRD on the real detail behind client record treatment and its obligations under the Act, in order to create practical and workable processes that are acceptable to all parties – the IRD, MYOB and its clients.
“We are now comfortable with all the conditions and will be communicating with our clients accordingly to ensure they understand their obligations regarding data retention for tax compliance purposes,” he says.
For further information or immediate comment, please contact:
Kristy Sheppard, MYOB Public Relations & Corporate Affairs Manager
P: 02 9089 9068 / M: 0407 450 860 / E: firstname.lastname@example.org
About MYOB New Zealand
Established in 1991, MYOB is New Zealand’s largest business management solutions provider. It makes life easier for over 1.2 million businesses across New Zealand and Australia, and provides support via many client service channels including a network of over 20,000 accounting firms, bookkeepers and other consultants. MYOB’s solutions simplify accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more, for businesses of all shapes and sizes. It is committed to ongoing innovation, particularly in cloud computing solutions, and now spends more than NZ$35 million annually on R&D. In 2013, MYOB expanded its offerings with the acquisition of accounting solutions provider BankLink. Visit myob.co.nz.