Small Business Tax Checklist
SARS requires you to keep all tax-related documents for at least 5 years from the date of assessment.
Financial Statements
Prepare your income statement and balance sheet for the tax year. If turnover exceeds R1 million, you need full annual financial statements prepared by an accountant.
Expense and Receipt Records
Gather all supplier invoices, receipts, bank statements, and proof of payment for business expenses. Organise by category: rent, salaries, utilities, supplies.
VAT and Provisional Tax
If VAT registered, have your VAT201 returns for the year. Have IRP6 provisional tax payment confirmations. Check if any tax clearances are needed for tenders.
Frequently Asked Questions
How long must I keep these documents?
SARS requires you to keep all tax-related documents for at least 5 years from the date of assessment.
Can Admin Boss help me prepare?
Yes. Admin Boss is a registered tax practice that can help organise your documents and ensure nothing is missed. Visit adminboss.co.za/need-more-info/.
What happens if I miss a document?
Contact the issuer and request a duplicate. For bank statements, download from online banking. Missing documents may result in denied deductions.
Need Help With Your Tax?
Admin Boss is a registered tax practice with over 20 years of experience helping South African individuals and businesses navigate SARS.