Tax Year End Checklist for Business
SARS requires you to keep all tax-related documents for at least 5 years from the date of assessment.
Before 28 February
Complete stock take. Reconcile bank accounts. Ensure all invoices are issued and recorded. Review asset register. Process February payroll. Make final provisional tax payment if applicable.
In March
Prepare draft financial statements. Reconcile VAT for February. Review expense accounts for missing deductions. Gather all tax certificates and supporting documents.
Filing Deadline
Companies must file their ITR14 within 12 months of financial year end. Ensure all EMP501 reconciliations are submitted. Pay any outstanding tax liabilities.
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.