How long to keep tax records available for inspection in South Africa
(Also, read: How to get a tax refund from Sars)
If you’ve ever submitted a tax return – or you should’ve, but didn’t – you must keep your tax records.
Even if the South African Revenue Service (Sars) never required you to submit a tax return (i.e. if you earned exempted income or a taxable income below the threshold), you still have to keep a record.
Failing to keep the required tax records is a crime.
Taxpayers are obliged by law to keep tax records in South Africa available for inspection by Sars.
Authorities are allowed by law to make unannounced inspections.
For how long does Sars require taxpayers to keep tax documents?
Listen to the interview in the audio below (and scroll down for quotes from it).
They asked to prove a Capital Gain from 2005… it’s bizarre! You can’t keep records for that long…Chris Sloane, accountant
My understanding is that it’s five years since assessment…Chris Sloane, accountant
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
This article first appeared on 702 : How long to keep tax records available for inspection in South Africa
The Money Show's Bruce Whitfield chats to Opportune Investments fund manager Chris Logan.Read More
The Money Show’s Bruce Whitfield chats to CEO Jacques Celliers on the impact the day had on South African bankers.Read More
Bruce Whitfield interviews Sipho Hotstix Mabuse about his attitude toward money (hopes and fears, successes and failures, etc.).Read More
You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.Read More
Small business guru Pavlo Phitidis shares shocking anecdotes and advises business owners on how to address this challenge.Read More
The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".Read More
Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).Read More
Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.Read More