Employing a near exact Hylleraas wavefunction we calculate various third-or
der nonlinear optical properties for the helium atom within the time-depend
ent Kohn-Sham theory. In our calculations we employ the adiabatic local-den
sity approximation (ALDA) for the exchange and correlation kernels f(xc) an
d g(xc), and compare the numbers obtained by us with the available accurate
theoretical as well as experimental results. Our results demonstrate the a
ccuracy of ALDA for the calculation of nonlinear optical properties of many
electron systems.