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Corporate Taxpayers may rely on ‘Data Files’ as Financial Records

The Supreme Court of Western Australia confirmed that ‘data files’ are admissible evidence for corporate entities in Brian Kevin Hughes as liquidator of Westgem Investments Pty Ltd (Liq.) v Commonwealth Bank of Australia Ltd [2018] WASC 150.

This decision is relevant for corporate taxpayers as they may now rely on raw information which has been inputted into accounting software (such as ‘Mind Your Own Business (MYOB), Quickbooks or Xero) as evidence in support of their financial position. The information saved on the data files may then be processed for everyday use in the form of balance sheets, general ledgers etc.

A summary of the dispute and its potential benefits for taxpayers is set out below.

Unfair Contract Terms

Since 2010, the Australian Consumer Law has provided consumers with protection against unfair contract terms imposed on them by businesses in standard form contracts (known as business-to-consumer or “B2C”).

Are you ready for the new Privacy laws?

As of 22 February 2018, many businesses owing obligations under the Privacy Act 1988 will be subject to the new notifiable data breach scheme (NDB Scheme). These obligations include safeguarding all information about a person that would identify them or allow them to be reasonably identified.
Articles 11 to 20 of 33