[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].
||A person must retain all records required to determine the taxable capital gain or assessed capital loss of that person for a period of five years from the date on which the return for that year of assessment was received by the Commissioner.
||Where a person has disposed of assets in respect of which the capital gain or capital loss is not disregarded or excluded in terms of the Eighth Schedule and all capital gains or capital losses determined in respect of the disposal of those assets exceed the amount contemplated in paragraph 5(1) of the Eighth Schedule in respect of the year of assessment, but that person is not required to render a return, that person must retain the records required to determine those capital gains or capital losses for a period of five years from the date of disposal of each of those assets.
||For the purposes of this section ‘records’ includes—
||any agreement for the acquisition, disposal or lease of an asset together with related correspondence;
||details of any asset transferred into a trust;
||copies of valuations used in the determination of a taxable capital gain or assessed capital loss;
||invoices or other evidence of payment records such as bank statements and paid cheques relating to any costs claimed in respect of the acquisition, improvement or disposal of any asset;
||details supporting the proportional use of an asset for both private and business purposes;
||details of any continuous absence of more than 6 months from a primary residence, as contemplated in the Eighth Schedule.
||The records contemplated in subsections (1) and (2) must be retained in such form, including any electronic form, as may be prescribed by the Commissioner.