The Tax Administration Act requires that a person must keep complete and accurate records – books of account and/or documents. The retention of records will assist a person to fulfil the requirements of the Tax Administration Act and to satisfy SARS that the person has complied with the requirements.
Tax Administration Act requires the following persons to keep records:
• A person who is registered and have filed a return
• A person who is required to submit a return but have not complied
• A person who is not required to submit a return, but have during the tax period, received income, have a capital gain or capital loss, or engaged in any activity that is subject to tax
• A person who would have been obliged to submit a return if not for an exemption or threshold
How long to keep your records:
Your records should be kept for a minimum period of five years the records can be kept in an electronic form or in the original documents.
For more information on record keeping please use the link below: https://www.sars.gov.za/client-segments/record-keeping/
Insights from Tax A Sured Pty Ltd – as a taxpayer we at Tax A Sured Pty Ltd will be able to help you become familiar with the terminology and technologies involved to ensure you are provided with a value-added service by making certain that you understand your obligations with all your tax matters.
