In: Accounting
Privacy legislation applies specific conditions to the collection, solicitation, storage, access, alteration and disclosure of client information. What are they? 220–250 words
(Please note: Australian Tax)
Solution. The Australian Taxation Office under the government works for the regulation and implementation of taxation and superannuation laws.
Section 6 of the Privacy Act 1988 deals with the procurement,administration,and disclosure of 'personal information'. It includes an individual's name,age,contact number,email-id,etcetera.
Firstly, we will understand the objectives of the implementation of such an act:
a.To protect individual's privacy of information.
b.To facilitate responsible and transparent administration of individual's details across the country.
Now,we will enlist conditions for collection,solicitation,storage,access,alteration and disclosure of client information,one by one:
1.Collection of personal information of a client can be done- directly from client,person acting on client's behalf or publicly available online or a third party source. Information is only acquired when it is needed for the activities of the authorities for administering laws or updating Australian Business Register. The client, here, has the right of knowledge for procurement of its details by the authorities. Information regarding the authoritative bodies and procedure of complain if such privacy of client found to be breached.
2.Solicitation of client's information is when an entity asks another entity to provide information in form of request,direction or order for sharing. It does not include direct communication between the client and authorities.It takes into account client's information which might be directly related to one or more entity's functions.
3.Storage of client's information for updation and administration by the authorities includes information security. It protects personal information of the client from misuse,loss,interference from unauthorised sources,modification and disclosure. If there occurs alteration in information,it can lead to manipulation.The law builds client's confidence in the practice of procurement of client's information.Any breach of law will lead to penalty.