Tax Time: Look after your data

At the end of the financial year it is vital to have easy access to your data..

Taxpayers and tax professionals are increasingly preparing and filing tax returns online. There is a growing reliance on digital data that, if lost through malfunction or error, could spell disaster.

Last year, 90 percent of Australian taxpayers lodged returns electronically, and the tax commissioner is aiming to boost that number to 95 percent.

Managing director of data recovery company CBL, Vicky Brauner, said while the risk of data loss is often underestimated, individuals could find themselves facing a potential crisis at tax time if critical data is not backed up properly and protected by system devices such as firewalls and anti-virus software.

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