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

 

(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.

 

(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.