This is an adaptation of the SAICA GUIDE ON THE RETENTION OF RECORDS and is intended to create an awareness of the need to ensure that personal information is protected. The more information that is retained beyond the statutory date, the greater the risk of data breaches arising. Look at the de-identification and destruction policy needs. The below statutes are not exhaustive but rather a selection of common applicable ones.
Auditing Profession Act 26 of 2005
* Engagement documentation, working papers, statements, correspondence
- Retention period: 5 years from date of auditor's report or group auditor's report (whichever is later)
Close Corporations Act 69 of 1984
* Accounting records & supporting schedules
- Retention period: 15 years
* Annual financial statements
- Retention period: 15 years
* Founding statement (CK1)
- Retention period: Indefinite
* Amended founding statement (CK2 & CK2A)
- Retention period: Indefinite
* Minutes and resolutions
- Retention period: Indefinite
Companies Act 71 of 2008
* Company records, books, documents required by Act
- Retention period: 7 years (minimum)
* Notice of incorporation
- Retention period: Indefinite
* Memorandum of incorporation
- Retention period: Indefinite
* Rules
- Retention period: Indefinite
* Securities register
- Retention period: Indefinite
* Minutes & resolutions of meetings
- Retention period: 7 years
* Financial statements
- Retention period: 7 years
* Accounting records
- Retention period: 7 years
Consumer Protection Act 68 of 2008
* Information provided to consumers
* Disclosure of conflicts of interest
* Records of advice
* Promotional competition records
* Auction records
- Retention period for all: 3 years
Co-operatives Act 34 of 2005
* Constitution and rules
- Retention period: Indefinite
* Minutes of meetings
- Retention period: Indefinite
* Member lists
- Retention period: Indefinite
* Register of directors
- Retention period: Indefinite
* Accounting records
- Retention period: 5 years
* Financial statements
- Retention period: 5 years
Employment Equity Act 55 of 1998
* Workforce records
* Employment equity plan
* Employment equity reports
- Retention period for all: 5 years after expiry of plan
Financial Advisory and Intermediary Services Act 37 of 2002
* Records of transactions
* Compliance records
* Client communications
- Retention period for all: 5 years
Financial Intelligence Centre Act 38 of 2001
* Customer due diligence records
- Retention period: 5 years from end of business relationship
* Transaction records
- Retention period: 5 years from conclusion of transaction
* Reports of suspicious transactions
- Retention period: 5 years from date of report
Labour Relations Act 66 of 1995
* Books of account
- Retention period: 3 years
* Supporting documents
- Retention period: 3 years
* Income & expenditure statements
- Retention period: 3 years
* Member records
- Retention period: Indefinite
* Employee disciplinary records
- Retention period: Indefinite
Legal Practice Act 28 of 2014
* Accounting records
* Client files
* Client accounts
- Retention period for all: 7 years
Occupational Health and Safety Act 85 of 1993
* Health & safety committee records
- Retention period: 3 years
* Incident records
- Retention period: 3 years
* Asbestos records
- Retention period: 50 years
* Hazardous biological agents records
- Retention period: 40 years
* Medical surveillance records
- Retention period: Not specified
Tax Administration Act 28 of 2011
* Returns submitted
- Retention period: 5 years from submission
* Records for returns not submitted
- Retention period: Indefinite until submission
* Records for audit/objection/appeal
- Retention period: Until audit concluded/assessment final
Value-Added Tax Act 89 of 1991
* Tax invoices, credit/debit notes
* Import/export documentation
* Zero-rating documentation
* Accounting records
- Retention period for all: 5 years from date of submission of return
Trust Property Control Act 57 of 1988
* Investment records
* Administration records
* Distribution records
- Retention period for all: 5 years from termination of trust
Important Notes:
* This is a general overview - specific circumstances may require longer retention periods
* Where multiple laws apply to the same records, follow the longer retention period
* Companies should retain all records for minimum 7 years per Companies Act requirements
* Requirements may be updated by new legislation or regulations
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