A business may have a year with little or no taxable profit, but that doesn't mean it can throw away its records. They can become important later during verification, audits, disputes or future tax calculations.
Source: SARS — Record Keeping
Frequently Asked Questions
What records should a business keep?
Depending on the business, records can include invoices, receipts, bank statements, accounting records, contracts, payroll records and supporting documents.
Can records be stored electronically?
Yes, subject to the applicable requirements.
Why keep records if the business made a loss?
The records can still be needed to support the declared loss and other tax information.