Standard Practice Statement (SPS) 13/01 provides guidelines on the retention of business records in electronic format. The SPS applies to taxpayers who are required to keep business and other records under the Inland Revenue Acts and third parties that hold business records for taxpayers offshore.
The Commissioner’s approval to taxpayers or third parties to store business records offshore applies for obligations under the Inland Revenue Acts. The approval does not apply to any other record retention obligations or controls that may apply between taxpayers and other regulatory bodies or Crown agencies.
The following organisations have been approved under section 22(8)(a) of the Tax Administration Act 1994 (TAA) to store taxpayers' electronic records outside of New Zealand:
|ActionStep NZ Ltd||Agilyx NZ Ltd|
|Automatic Data Processing Ltd||CargoWise NZ Ltd|
|CCH NZ Ltd||Civica Pty Ltd|
|Common Ledger Ltd||Elmo Software Limited|
|Farm IQ Systems Ltd||iPayroll Ltd|
|MAGIQ Software Ltd||MYOB NZ Ltd|
|Payroll Kiwi Ltd||Reckon NZ Pty Ltd|
|Revolution Software Ltd||Saasu Limited|
|TaxLab Ltd||Tax Snaps Ltd|
|Technology One NZ Ltd||Thompson Reuters NZ Ltd (formerly Brookers Ltd)|
|Unimarket NZ Ltd||Xero Ltd|
Taxpayers who store their business records with these approved organisations do not need to obtain approval under section 22(2BA) to store their business records outside of New Zealand. The Commissioner's approval for third party providers to store electronic records offshore, is conditional on the following:
Although a third party provider may be used to store business records, taxpayers remain responsible for their tax obligations including retaining business records for the retention period (usually seven years) required under the Tax Administration Act 1994.