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Tax Administration Act, 2011 (Act No. 28 of 2011)

Chapter 4 : Returns and Records

Part A : General

29. Duty to keep records

 

(1) A person must keep the records, books of account or documents that—
(a) enable the person to observe the requirements of a tax Act;
(b) are specifically required under a tax Act or by the Commissioner by public notice; and

[Section 29(1)(b) substituted by section 43(a) of the Tax Administration Laws Amendment Act, 2012 (Act No. 21 of 2012)]

(c) enable SARS to be satisfied that the person has observed these requirements.

 

(2) The requirements of this Act to keep records, books of account or documents for a tax period apply to a person who—
(a) has submitted a return for the tax period;
(b) is required to submit a return for the tax period and has not submitted a return for the tax period; or
(c) is not required to submit a return but has, during the tax period, received income, has a capital gain or capital loss, or engaged in any other activity that is subject to tax or would be subject to tax but for the application of a threshold or exemption.

[Section 29(2) substituted by section 43(b) of the Tax Administration Laws Amendment Act, 2012 (Act No. 21 of 2012)]

 

(3) Records, books of account or documents need not be retained by the person described in—
(a) subsection (2)(a), after a period of five years from the date of the submission of the return; and
(b) subsection (2)(c), after a period of five years from the end of the relevant tax period.

[Section 29(3) substituted by section 43(c) of the Tax Administration Laws Amendment Act, 2012 (Act No. 21 of 2012)]