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Business English Exercises
 

Electronic Tax Records

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Home > Teaching Business English > Business English Lessons, Advanced Level # 141
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Tax authorities throughout the world want organizations to maintain records, regardless of form or media, that are true and accurate, legible, accessible, and retained for as long as they are needed for tax purposes.

Correct answer: (c) retained

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However, electronic records pose certain risks not generally encountered with manual, paper-based recordkeeping.

Correct answer: (b) pose

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In Draft Taxation Ruling 97/D4, the Australian Tax Office notes that electronic tax records (i.e., those required to compute a corporation's tax liability and to justify that liability to the government during tax audits) are subject to destruction, tampering and obsolescence.

Correct answer: (c) justify

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Unauthorized tampering may compromise their integrity as true and accurate records.

Correct answer: (a) compromise

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501 Business English Exercises — Printable, photocopiable.
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DTR 97/D4 sets forth provisions prescribing the characteristics of electronic recordkeeping systems required to make computerized accounting systems sufficient for tax purposes.

Correct answer: (d) provisions

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Records processed and kept electronically must be in a form which ATO staff can access and understand in order to ascertain a company's tax liability.

Correct answer: (a) ascertain

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Businesses operating computerized accounting systems must have in place adequate controls to safeguard the security and integrity of the records processed and retained in such systems.

Correct answer: (b) in place

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The level of controls must be sufficient to demonstrate that the records retained in the computer system are secure and accurate.

Correct answer: (a) demonstrate

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The ruling provides that any tax records using this technology must be stored for the statutory period of five years.

Correct answer: (d) statutory

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In the new tax ruling, the ATO's position is that the general principles governing records processed and kept in an EDI (electronic data interchange) environment are the same as those for a normal computerized accounting system.

Correct answer: (c) position

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
You will be exposed to a wealth of authentic sample sentences that include a great variety of themes. This compact Business English Test Package is the only printable English test collection currently available on the Internet. It contains 501 Business English Exercises (10 questions per test plus answer keys).  Get your unique Business English Practice Exercises now!

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