Below is a quick summary of important documentation retention periods you need to apply:
- It is very easy – For the summary look at the Green Heading and the Red period below
- It is also VERY important that all ITCs invest in a Back-Up Process for all documents as well as for the PC Hard Drive.
- This is a non-negotiable in today’s working environment
- A 1TB external hard drive can sit on your desk and be set up to back up your PC (email and documents) every day.
Companies Act, No 71 of 2008 (Company Documents)
Tax Administration Act, No 28 of 2011 (Tax Returns)
Income Tax Act, No 58 of 1962 (Salary Information)
Value Added Tax Act, No 89 of 1991 (Tax Invoices)