How long do you keep your Tax Records
The Tax Administration Act requires the following persons to keep tax 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 must the records be kept?
- in their original form;
- in the form, including electronic, prescribed by the Commissioner by public notice; or
- in the case of a request by a specific taxpayer to retain records or documents in a different but acceptable form, the form authorised by a senior SARS official;
- in an orderly fashion;
- in a safe place; and
- open for inspection, audit or investigation by SARS.
How long must records be kept?
| PERSON |
PERIOD
|
| A person who has submitted a return |
Five years: counting from the date of submission of a return until the last day of the period. |
| A person required to submit a return but has not complied. |
Five years: After the end of the five years period, indefinitely until the return is submitted. |
| A person who is not required to submit a return, but has during a tax period, received income, has a capital gain or loss or engaged in any other activity that is subject to tax or would be subject to tax but for the application of a threshold or exemption. |
Five years or until the audit is concluded, whichever occurs first. |
| A person who has lodged an objection or appeal against an assessment or decision under the TAA. |
Five years or until the disputed assessment or decision becomes final, whichever occurs first. |
| A person who has been notified or is aware that the records are subject to an audit or investigation. |
Until the audit or the investigation is concluded. |
Tax tips as we head into the 2023 tax season
- Check your details with South African Revenue Service (SARS)
- Update your tax details with product providers
- Monitor your annual capital gains tax eclusion
- Consider the tax implications of your investment decisions
- Maximise tax benefits available through retirement and tax-free investments
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