Evergreen Content

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?

The Money Show’s Bruce Whitfield interviewed Chris Sloane, an accountant and tax expert.

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:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Marketing is becoming the single most important key to success in small business

Marketing is becoming the single most important key to success in small business

'Marketing' is not 'sales'. It’s not noise. It's a science, and you must get it right, says Pavlo Phitidis.

Kahn Morbee (real name 'Dingaan') of The Parlotones opens up about his money

Kahn Morbee (real name 'Dingaan') of The Parlotones opens up about his money

The Money Show’s Bruce Whitfield interviews Morbee about his attitude to money (hopes and fears, successes and failures, etc.).

Right now, a Tax Free Savings Account (TFSA) can yield up to 13%. Here’s how…

Right now, a Tax Free Savings Account (TFSA) can yield up to 13%. Here’s how…

How to earn a yield of 9% - on average - but up to 13% in your TFSA, according to personal financial advisor Warren Ingram.

How to save and buy an island (you need only R2000 per month)

How to save and buy an island (you need only R2000 per month)

Saving money on boring stuff such as a car can allow you to do really outrageous and courageous stuff, says Sam Beckbessinger.

How to get a tax refund from Sars

How to get a tax refund from Sars

The Money Show’s Bruce Whitfield interviews Daniel Baines, author of “How to get a SARS Refund”.

More corruption increases likelihood of tax revolt - Judge Dennis Davis

More corruption increases likelihood of tax revolt - Judge Dennis Davis

We interview Chairperson of the Davis Tax Committee Judge Dennis Davis, the man tasked with overhauling South Africa’s tax system.

Popular articles
Presidency statement: Cabinet to be announced later this week

Presidency statement: Cabinet to be announced later this week

Despite media speculation, President Cyril Ramamphosa will not be announcing his new Cabinet on Monday.

It just became legal for anyone to deal in dagga-derived CBD

It just became legal for anyone to deal in dagga-derived CBD

Cannabidiol now falls entirely outside of drug regulations. Africa Melane interviews Andre du Plessis (Cannabis Working Group).

How to calculate how much money you need to never have to work again

How to calculate how much money you need to never have to work again

How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.

[WATCH] BMW's tribute to Mercedes-Benz maker CEO Dieter Zetsche goes viral

[WATCH] BMW's tribute to Mercedes-Benz maker CEO Dieter Zetsche goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

'Thuli Madonsela’s name has been mentioned for Deputy President'

'Thuli Madonsela’s name has been mentioned for Deputy President'

Lumkile Mondi (Wits), Ferial Haffajee and Busisiwe Mavuso (Business Leadership SA) on the President's upcoming "slim" Cabinet.

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'Ellen' The Ellen Pakkies Story, premiers in cinemas on Friday.