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Three key documents you should NEVER throw in the bin

by , 26 June 2014
Did you know that SARS wins a lot of disputes because taxpayers don't keep adequate records of expenses incurred or income received? It's true.

You can lose a dispute with SARS because of inaccurate record keeping and this comes with hefty penalties.

Luckily, you can avoid becoming another statistic.

Take a look at the three key documents you should NEVER throw in the bin.

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Never bin these three records or documents

#1: Statement of Financial Position (balance sheets),

#2: Profit and loss accounts (income statement); and

#3: Other accounts to support the information included in the tax return.

Note: You and the person who prepared the accounts on your behalf must sign all of these accounts. This because SARS could ask you for a certificate or statement which must state the person who helped you, for example, your accountant, consultant, etc.

It must confirm how much detail he went into when he examined your books of account and the documents used to write up the books. He must also confirm if the entries in your books and documents disclose the nature of any transaction, receipt, accrual, payment or debit.

Now that you know the three records you must never throw to the bin, take a look at how you must keep them.

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Experts behind the Practical Tax Loose Leaf Service outline three ways to legally keep your records

  • You must keep records, books of account and documents in their original form, in an orderly fashion and in a safe place;
  • You must keep them in either paper or electronic form as specified by SARS by way of notice in the Gazette; or
  • Keep records in a form specifically authorised by a senior SARS official.

Now that you know the three key documents you should never throw in the bin, hang on to them – this will help you avoid losing disputes with SARS.

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