| (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)]
