Keep these eight records if your company buys and resells stock
#1: Any records that document all the goods or services you supplied, received and imported for the tax period;
#2: Tax invoices, receipts and cash register tapes that show your end-of-day Z-readings;
#3: Stock sheets;
#4: Control lists; and
#5: For imports, you'll need the following:
#6: If agents act on your company's behalf, get the following from them within 21 days of the transaction:
#7: For property transactions where you want to claim Vat, you'll need to keep:
#8: If you're claiming notional input tax on second-hand goods, remember to keep a Vat264 declaration form.
Remember, you must keep these records for a period of five years. Doing this will ensure you avoid SARS penalties.