Page 61 - GA Maclachlan Tax Guide 2024

DOCUMENT RETENTION PERIOD
Income Tax and VAT Act
■ In respect of each employee the employer shall 5 years from date of
keep a record showing: amount of remuneration submission of the return
paid or due by him to the employee; the amount (documents relating
of employees’ tax deducted or withheld from to the acquisition
the remuneration paid or due; the income tax of assets should be
reference number of that employee; any further retained indefinitely for
prescribed information; Employer Reconciliation future capital gains tax
return (EMP501) calculations)
■ The following records of importation of goods
and documents: Bill of entry or other documents
prescribed by the Custom and Excise Act, proof
that the VAT charge has been paid to SARS
■ VAT Vendors are obliged to keep the following
records: record of all goods and services, the rate
of tax applicable to the supply and the suppliers
or their agents, invoices, tax invoices, credit
notes, debit notes, bank statements, deposit
slips, stock lists and paid cheques
■ Documentary proof for zero-rating of supplies
Note: The records, books of account and documents must be retained in
their original form in a safe place, or electronic format as prescribed by the
Commissioner or in a form authorised by a senior SARS official�

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