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How long should I keep my tax records?
General records such as invoices, bank statements and employee records should be kept for 5 years. Business registration documents however should be kept indefinately.
Does the Protection of Personal Information Act apply to my business?
The Protection of Personal Information Act (POPIA) became effective on 1 July 2021 and applies to all businesses in South Africa, no matter their structure.
I run a small company, do I have to prepare financial statements every year?
The Companies Act, 2011, requires all companies (including close corporations) to produce annual financial statements within 6 months of the year end. In addition it is important to prepare accurate financial statements to allow accurate filing of the company income tax return.
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