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Hi Stephanie - I think that they should be kept for a minimum of 5 years. However I always keep anything related to SARS for longer just to be on the safe side.
The recommended guidelines for keeping records are as follows:
1. Statutory information – indefinite
2. Annual Financial Statements – 15 years
3. Books of account and supporting schedules – 15 years
4. Asset registers - 15 years
5. Tax returns (after date of submission) – 5 years
6. Staff personnel records (after employment ceased) – 3 years
7. Salary and wage registers – 5 years
8. Paid cheques – 6 years
9. Invoices/bank statements/stock sheets/Vat records/vouchers and general correspondence – 5 years
No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"
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