#1: SARS requires you to keep the following accounting records permanently:
Memorandum of Incorporation;
Major agreements that influence the company significantly i.e. shareholders agreements, purchase agreements for buildings etc;
Intellectual property documents;
Property documents like deeds and leases;
Certificate of name change;
Certificate of Incorporation;
Share, Minutes and company registers; and
Record of trust monies.
That's not all.
#2: You must keep these accounting for fifteen years:
Books of account;
Accounting records including supporting schedules;
Fixed asset register; and
Annual financial statements.
#3: SARS wants you to keep your paid cheques and bills of exchange as well as stock sheets for six years.
#4: You must keep the following records for a period of five years:
Other and general correspondence;
Invoices – sales and purchases;
Bank statements and vouchers;
Tax returns and assessments (after date of assessment); and
Year end working papers.
#5: Lastly, you must keep your staff personnel records (after employment has ended) as well as your salary and wages register for three years.
Now that you know the type of accounting records SARS wants you to keep and how long you must keep them, comply so you can avoid penalties.