In South Africa, businesses are required to retain various documents for specific periods to comply with legal, tax, and regulatory requirements. Below is an overview of the key documents that must be kept, along with the relevant legal references and retention periods:
### 1. **Financial Records**
- **Types of Documents**: Annual financial statements, accounting records, ledgers, journals, invoices, receipts, etc.
- **Retention Period**: 7 years from the end of the financial year.
- **Relevant Law**: Companies Act No. 71 of 2008, Section 24 and Tax Administration Act No. 28 of 2011, Section 29.
### 2. **Tax Records**
- **Types of Documents**: Income tax returns, VAT records, payroll tax records, etc.
- **Retention Period**: 5 years from the date of submission of the return.
- **Relevant Law**: Tax Administration Act No. 28 of 2011, Section 29.
### 3. **Employee Records**
- **Types of Documents**: Employment contracts, payroll records, leave records, etc.
- **Retention Period**: 3 years after termination of employment.
- **Relevant Law**: Basic Conditions of Employment Act No. 75 of 1997, Section 29.
### 4. **Employment Equity Records**
- **Types of Documents**: Employment equity plan, reports, and related documents.
- **Retention Period**: 3 years after the submission of the report.
- **Relevant Law**: Employment Equity Act No. 55 of 1998, Section 26.
### 5. **Health and Safety Records**
- **Types of Documents**: Incident reports, risk assessments, health and safety training records.
- **Retention Period**: 3 years.
- **Relevant Law**: Occupational Health and Safety Act No. 85 of 1993, Section 10.
### 6. **Company Secretarial Records**
- **Types of Documents**: Memorandum of Incorporation (MOI), minutes of board meetings, resolutions, share registers, etc.
- **Retention Period**: Indefinite (for MOI and share register); 7 years for other records like minutes and resolutions.
- **Relevant Law**: Companies Act No. 71 of 2008, Sections 24, 50, and 85.
### 7. **Statutory Returns**
- **Types of Documents**: Annual returns, compliance certificates, etc.
- **Retention Period**: 7 years from submission.
- **Relevant Law**: Companies Act No. 71 of 2008.
### 8. **Consumer Protection Records**
- **Types of Documents**: Records related to consumer transactions, complaints, warranties, etc.
- **Retention Period**: 3 years.
- **Relevant Law**: Consumer Protection Act No. 68 of 2008.
### 9. **Environmental Impact Records**
- **Types of Documents**: Environmental impact assessments, compliance audits.
- **Retention Period**: Indefinite for certain records; otherwise, typically 5 years.
- **Relevant Law**: National Environmental Management Act No. 107 of 1998.
### 10. **Insurance Records**
- **Types of Documents**: Insurance policies, claims records.
- **Retention Period**: 5 years after the claim is settled or policy expires.
- **Relevant Law**: Short-Term Insurance Act No. 53 of 1998.
### 11. **Intellectual Property Records**
- **Types of Documents**: Trademark registrations, patents, copyrights.
- **Retention Period**: Indefinite.
- **Relevant Law**: Trademarks Act No. 194 of 1993, Patents Act No. 57 of 1978, Copyright Act No. 98 of 1978.
### 12. **B-BBEE Records**
- **Types of Documents**: B-BBEE scorecards, verification certificates, and supporting documentation.
- **Retention Period**: 5 years.
- **Relevant Law**: Broad-Based Black Economic Empowerment Act No. 53 of 2003.
### 13. **Data Protection Records**
- **Types of Documents**: Records of processing activities, data subject consent forms.
- **Retention Period**: As long as necessary for the purpose of processing; specific retention periods may apply.
- **Relevant Law**: Protection of Personal Information Act No. 4 of 2013 (POPIA).
These retention periods ensure compliance with South African laws, and failure to retain the required documents can result in penalties or legal consequences. Businesses are advised to implement a robust document management system to ensure compliance with these requirements.
留言