[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” background_enable_color=”off” background_image=”https:\/\/dma.co.za\/wp-content\/uploads\/2021\/09\/Legals.jpg” custom_margin=”||||false|false” custom_padding=”170px||80px||false|false” custom_padding_tablet=”170px||60px||false|false” custom_padding_phone=”160px||50px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.24.3″ _module_preset=”default” custom_margin=”||||false|false” custom_padding=”0px|320px|||false|false” custom_padding_tablet=”|0px||0px|false|true” custom_padding_phone=”0px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.3″ _module_preset=”default” text_font=”Averta||||||||” text_text_color=”#1a252f” text_font_size=”18px” text_letter_spacing=”3px” text_line_height=”1.8em” header_font=”TTRamillas-Black||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”1px” header_line_height=”1.3em” header_2_font=”Poppins||||||||” header_2_text_align=”left” header_2_text_color=”#1A252F” header_2_font_size=”15px” header_2_letter_spacing=”1px” header_2_line_height=”1.4em” header_3_font=”Averta Semibold|||on|||||” header_3_text_align=”center” header_3_text_color=”#1a252f” header_3_font_size=”18px” header_3_letter_spacing=”3px” header_3_line_height=”1.4em” text_orientation=”center” custom_padding=”||0px||false|false” text_font_size_tablet=”” text_font_size_phone=”” text_font_size_last_edited=”on|tablet” header_text_align_tablet=”” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”28px” header_font_size_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.2em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”15px” header_2_font_size_phone=”16px” header_2_font_size_last_edited=”on|desktop” header_3_font_size_tablet=”” header_3_font_size_phone=”17px” header_3_font_size_last_edited=”on|desktop” header_3_letter_spacing_tablet=”3px” header_3_letter_spacing_phone=”3px” header_3_letter_spacing_last_edited=”on|desktop” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_text ol_type=”lower-roman” ol_position=”outside” ol_item_indent=”50px” _builder_version=”4.24.3″ _module_preset=”default” text_font=”Poppins||||||||” text_text_color=”#1A252F” header_font=”Averta Semibold||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”2px” header_line_height=”1.3em” header_2_font=”Averta Semibold||||||||” header_2_text_align=”left” header_2_font_size=”18px” header_2_letter_spacing=”2px” header_2_line_height=”1.4em” header_3_font=”Poppins||||||||” header_3_text_align=”left” header_3_text_color=”#e53a05″ header_3_letter_spacing=”1px” header_3_line_height=”1.8em” custom_margin=”15px||||false|false” custom_padding=”||0px||false|false” text_font_size_tablet=”15px” text_font_size_phone=”14px” text_font_size_last_edited=”off|desktop” header_text_align_tablet=”left” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”33px” header_font_size_last_edited=”on|phone” header_letter_spacing_tablet=”2px” header_letter_spacing_phone=”1px” header_letter_spacing_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.3em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”18px” header_2_font_size_phone=”17px” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”1px” header_2_letter_spacing_phone=”1px” header_2_letter_spacing_last_edited=”on|phone” header_3_font_size_tablet=”20px” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone” header_3_letter_spacing_tablet=”3px” header_3_letter_spacing_phone=”3px” header_3_letter_spacing_last_edited=”off|desktop” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_image src=”https:\/\/moneybetter.co\/za\/wp-content\/uploads\/2024\/05\/Retention-of-Documents-Polciy-approval-and-information-jpg.webp” alt=”Retention of Documents Polciy approval and information” _builder_version=”4.24.3″ _module_preset=”default” custom_margin=”-30px||||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text ol_type=”lower-roman” ol_position=”outside” ol_item_indent=”50px” _builder_version=”4.25.0″ _module_preset=”default” text_font=”Poppins||||||||” text_text_color=”#1A252F” header_font=”Averta Semibold||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”2px” header_line_height=”1.3em” header_2_font=”Averta Semibold||||||||” header_2_text_align=”left” header_2_font_size=”18px” header_2_letter_spacing=”2px” header_2_line_height=”1.4em” header_3_font=”Poppins||||||||” header_3_text_align=”left” header_3_text_color=”#e53a05″ header_3_letter_spacing=”1px” header_3_line_height=”1.8em” custom_margin=”15px||||false|false” custom_padding=”||0px||false|false” hover_enabled=”0″ header_text_align_tablet=”left” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”33px” header_font_size_last_edited=”on|phone” header_letter_spacing_tablet=”2px” header_letter_spacing_phone=”1px” header_letter_spacing_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.3em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”18px” header_2_font_size_phone=”17px” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”1px” header_2_letter_spacing_phone=”1px” header_2_letter_spacing_last_edited=”on|phone” header_3_font_size_tablet=”20px” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
2.1. Purpose and scope<\/strong><\/span><\/p>\n The purpose of this Policy is to exercise effective control over the retention and confidentiality of documents, information, and electronic transactions, as prescribed by legislation and as dictated by business practice.<\/p>\n Documents must be retained, in accordance with legislation, to prove the existence of facts, and to exercise the rights of the Company. Documents are also necessary for defending legal action, for establishing what was said, or done, in relation to the functions of the Company, and to mitigate the Company\u2019s reputational risks.<\/p>\n This Policy also helps to ensure that the Company\u2019s interests are protected and that the Company\u2019s and clients\u2019 rights to privacy and confidentiality are not breached. The Policy applies to all documents, information, and electronic transactions, generated within, and\/or received by, the Company.<\/p>\n Queries may be referred to the compliance function, or the information officer.<\/p>\n 2.2. Legislative framework<\/strong><\/span><\/p>\n The reference to legislation, subordinate legislation and supervision documents includes amendments \u2022 Financial Sector Regulation Act 9 of 2017 (the FSRA)<\/p>\n \u2022 Conduct of Financial Institutions Bill (the COFI Bill)<\/p>\n \u2022 Protection of Personal Information Act 4 of 2014 (the POPI Act)<\/p>\n \u2022 Promotion of Access to Information Act 2 of 2000 (the PAIA)<\/p>\n \u2022 Financial Intelligence Centre Act 38 of 2001 (the FICA)<\/p>\n \u2022 Income Tax Act 58 of 1962<\/p>\n \u2022 Tax Administration Act 28 of 2011<\/p>\n \u2022 Value Added Tax Act 89 of 1991<\/p>\n \u2022 Exchange Control Regulations, as published by the South African Reserve Bank<\/p>\n \u2022 Constitution of the Republic of South Africa, 1996 (the Constitution)<\/p>\n \u2022 Financial Advisory and Intermediary Services Act 37 of 2002 (the FAIS Act)<\/p>\n \u2022 Companies Act 71 of 2008<\/p>\n \u2022 Pension Funds Act 24 of 1956 (the PFA)<\/p>\n \u2022 Electronic Communications and Transactions Act 25 of 2002 (the ECTA)<\/p>\n 2.3. Definitions<\/strong><\/span><\/p>\n The below definitions, which are not elsewhere included in this Policy, are relevant.<\/p>\n 2.3.1.\u00a0<\/strong> Clients<\/strong> includes, but is not limited to, persons that the Company has business relationships with, persons to whom the Company provides financial products or services, shareholders, debtors, creditors, as well as the affected employees and\/or departments, relating to the functions of the Company;<\/p>\n 2.3.2.\u00a0<\/strong> Confidential information<\/strong> refers to all information, or data, disclosed to, or obtained by, the Company, by any means whatsoever;<\/p>\n 2.3.3.\u00a0<\/strong> Data<\/strong> refers to electronic representations of information, in any form;<\/p>\n 2.3.4.\u00a0<\/strong> Documents<\/strong> includes books, records, security, or accounts, and any information that has been stored, or recorded, electronically, magnetically, mechanically, electromechanically, or optically, or in any other form;<\/p>\n 2.3.5.\u00a0<\/strong> Electronic communication<\/strong> refers to a communication by means of data messages;<\/p>\n 2.3.6.\u00a0<\/strong> Electronic signature<\/strong> refers to data attached to, incorporated in, or logically associated with, other data, and which is intended by the user\/person to serve as a signature;<\/p>\n 2.3.7.\u00a0<\/strong> Electronic transactions<\/strong> include emails sent and received.<\/p>\n 2.4. Access to documents<\/strong><\/span><\/p>\n 2.4.1.\u00a0<\/strong> All Company and client information must be dealt with in the strictest confidence and may \u2022 where disclosure is compulsory in terms of legislation;<\/p>\n \u2022 where there is a duty to the public to disclose;<\/p>\n \u2022 where the interests of the Company require disclosure; and<\/p>\n \u2022 where disclosure is made with the express or implied consent of the client.<\/p>\n 2.5. Disclosure to third parties<\/strong><\/span><\/p>\n 2.5.1.\u00a0<\/strong> Employees have a duty of confidentiality to the Company and its clients.<\/p>\n 2.5.2.\u00a0<\/strong> The Company\u2019s clients\u2019 right to confidentiality is protected in the Constitution and in terms of the ECTA. Information may only be given to a third party if the client has consented, in writing, Requests for the Company\u2019s information are dealt with in terms of the PAIA, which gives effect to the constitutional right of access to information held by the State, or any person (natural and juristic), thatis required for the exercise, or protection, of rights. However, private bodies, like the Company, mustrefuse access to records, if disclosure would constitute an action of breaching the duty of secrecy owed to a third party.<\/p>\n 2.5.3.\u00a0<\/strong> Requests must be made in writing, on the prescribed form, to the compliance function, or the information officer. The requesting party must state the reason for wanting the information and must pay a prescribed fee.<\/p>\n 2.5.4.\u00a0<\/strong> Confidential company and\/or business information may not be disclosed to third parties, as this may constitute industrial espionage. The affairs of the Company must always be kept strictly confidential.<\/p>\n 2.5.5.\u00a0<\/strong> The Company views any contravention of this Policy very seriously, and employees who are guilty ofcontravening the Policy will be subject to disciplinary procedures, which may lead to the dismissal ofany guilty party<\/p>\n [\/et_pb_text][et_pb_text ol_type=”lower-roman” ol_position=”outside” ol_item_indent=”50px” _builder_version=”4.25.0″ _module_preset=”default” text_font=”Poppins||||||||” text_text_color=”#1A252F” header_font=”Averta Semibold||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”2px” header_line_height=”1.3em” header_2_font=”Averta Semibold||||||||” header_2_text_align=”left” header_2_font_size=”18px” header_2_letter_spacing=”2px” header_2_line_height=”1.4em” header_3_font=”Poppins||||||||” header_3_text_align=”left” header_3_text_color=”#e53a05″ header_3_letter_spacing=”1px” header_3_line_height=”1.8em” custom_margin=”15px||||false|false” custom_padding=”||0px||false|false” hover_enabled=”0″ header_text_align_tablet=”left” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”33px” header_font_size_last_edited=”on|phone” header_letter_spacing_tablet=”2px” header_letter_spacing_phone=”1px” header_letter_spacing_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.3em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”18px” header_2_font_size_phone=”17px” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”1px” header_2_letter_spacing_phone=”1px” header_2_letter_spacing_last_edited=”on|phone” header_3_font_size_tablet=”20px” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n 2.6. Retaining documents<\/strong><\/span><\/p>\n Certain legislation specifies requirements for documents that must be retained, as well as how long 2.6.1.\u00a0 Companies Act<\/strong><\/p>\n 7 YEARS:<\/strong> Hard copies of the following documents must be retained:<\/p>\n \u2022 Any documents, accounts, books, writing, records, or other information, that acompany is required to keep, in terms of the Act<\/p>\n \u2022 Notice and minutes of all shareholder meetings, including resolutions adopted anddocuments made available to holders of securities<\/p>\n \u2022 Copies of reports presented at the annual general meeting of the Company<\/p>\n \u2022 Copies of annual financial statements, required by the Act<\/p>\n \u2022 Copies of accounting records, required by the Act<\/p>\n \u2022 Records of directors and past directors, after the director has retired from the Company<\/p>\n \u2022 Written communication to holders of securities<\/p>\n \u2022 Minutes and resolutions of directors\u2019 meetings, audit, and risk committee,meetings.<\/p>\n INDEFINITELY<\/strong>: Copies of the following documents must be retained:<\/p>\n \u2022 Registration certificate<\/p>\n \u2022 Memorandum of Incorporation and alterations and amendments thereto<\/p>\n \u2022 Rules of the Company (if applicable)<\/p>\n \u2022 Securities register and uncertified securities register<\/p>\n \u2022 Register of company secretary and auditors<\/p>\n \u2022 Register of disclosure of persons who hold a beneficial interest equal to, or in excess of, 5% of the securities of that class issued (for regulated companies, i.e. companies to which chapter 5, part B, C and Takeover Regulations apply).<\/p>\n 2.6.2.\u00a0 Financial Advisory and Intermediary Services Act<\/strong><\/p>\n AT LEAST 5 YEARS<\/strong>: An authorised financial services provider (FSP) must retain the following records for, except to the extent exempted by the Authority:<\/p>\n \u2022 known premature cancellations of transactions, or financial products, by clients ofthe provider<\/p>\n \u2022 complaints received, together with an indication of whether, or not, the complaint has been resolved<\/p>\n \u2022 continued compliance with the requirements relating to the application for authorisation section of the Act<\/p>\n \u2022 cases of non-compliance with the Act, and the reasons for the non-compliance<\/p>\n \u2022 continued compliance by representatives, with the requirements applicable to representatives, including:<\/p>\n o Before rendering a financial service, providing clients with confirmation, certified by the FSP, that a service contract, or other mandate, to represent the FSP, exists, and that the FSP accepts responsibility for those activities of the representative performed within the scope of, or in the course of implementing, the contract or mandate<\/p>\n o Fit and proper requirements<\/p>\n o Aspects of the General Code of Conduct applicable to representatives<\/p>\n o Rendering financial services, or contracting, in the name of the FSP that they are representing.<\/p>\n \u2022 FSPs must have appropriate procedures and systems in place to record verbal and written communication relating to a financial service rendered to a client.<\/p>\n \u2022 FSPs must have appropriate procedures and systems in place to store and retrieve the records of verbal and written communication relating to a financial service rendered to a client, as well as any other material documents relating to the client,or the financial service rendered to the client.<\/p>\n \u2022 FSPs must have appropriate procedures and systems in place to keep the client records and documents safe from destruction.<\/p>\n \u2022 All client records and documents must be kept for 5 years after termination of the product concerned and the financial service rendered.<\/p>\n \u2022 records may be kept by third-parties but must be available for inspection within 7 days of the Authority’s request.<\/p>\n \u2022 Records may be kept in an appropriate electronic, or recorded, format, which must be accessible and readily reducible to written, or printed form.<\/p>\n \u2022 An FSP may not disclose any confidential information acquired, or obtained, from a client, or product supplier, regarding the client, or product supplier, unless the prior written consent has been obtained from the client, or product supplier, unlessthe disclosure of the information is required in the public interest, or under any law.<\/p>\n [\/et_pb_text][et_pb_text ol_type=”lower-roman” ol_position=”outside” ol_item_indent=”50px” _builder_version=”4.25.0″ _module_preset=”default” text_font=”Poppins||||||||” text_text_color=”#1A252F” header_font=”Averta Semibold||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”2px” header_line_height=”1.3em” header_2_font=”Averta Semibold||||||||” header_2_text_align=”left” header_2_font_size=”18px” header_2_letter_spacing=”2px” header_2_line_height=”1.4em” header_3_font=”Poppins||||||||” header_3_text_align=”left” header_3_text_color=”#e53a05″ header_3_letter_spacing=”1px” header_3_line_height=”1.8em” custom_margin=”15px||||false|false” custom_padding=”||0px||false|false” hover_enabled=”0″ header_text_align_tablet=”left” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”33px” header_font_size_last_edited=”on|phone” header_letter_spacing_tablet=”2px” header_letter_spacing_phone=”1px” header_letter_spacing_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.3em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”18px” header_2_font_size_phone=”17px” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”1px” header_2_letter_spacing_phone=”1px” header_2_letter_spacing_last_edited=”on|phone” header_3_font_size_tablet=”20px” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n 2.6.3. Financial Intelligence Centre Act<\/strong><\/p>\n AT LEAST 5 YEARS<\/strong>: As part of the customer due diligence process, employees must ensure that all records relating to the customer due diligence information obtained about clients, or prospective clients, are kept. These records must be kept for at least 5 years from the date that the business relationship is terminated, or from the date of the conclusion of the single transaction, respectively.<\/strong><\/p>\n \u2022 The records must include:<\/p>\n o copies of, or references to, information provided to, or obtained by, the Company, to verify a person\u2019s identity; and<\/p>\n o in addition, for business relationships ,information about:<\/p>\n 2.6.3.1. the nature of the business relationship;<\/p>\n 2.6.3.2. the intended purpose of the business relationship; and<\/p>\n 2.6.3.3. the source of the funds that the prospective client expects to use for transacting during the business relationship.<\/p>\n \u2022 The Company will keep record of every transaction, whether the transaction is a single transaction, or concluded during a business relationship, which transactions are reasonably necessary to enable that transaction to be readily reconstructed.<\/p>\n \u2022 The records must include:<\/p>\n o amount involved and the currency in which it was denominated<\/p>\n o date on which the transaction was concluded<\/p>\n o parties to the transaction<\/p>\n o nature of the transaction<\/p>\n o business correspondence<\/p>\n o if the Company provides account facilities to its clients, the identifying particulars of all accounts, and the account files at the Company that are related to the transaction.<\/p>\n \u2022 AT LEAST 5 YEARS:<\/strong> These records must be kept for at least five 5 years from <\/strong>the date that the transaction was concluded.<\/strong><\/p>\n \u2022 The Company must ensure that electronically kept records are backed-up frequently andcan be reproduced in a legible format.<\/p>\n \u2022 The person responsible for reporting to the Financial Intelligence Centre (Centre) (or his\/her alternatives, if the responsible person is not available) will keep records of transactions, or activities, that give rise to a Suspicious Activity Report or Suspicious Transaction Report, for at least 5 years from the date that the report was submitted to the Centre.<\/p>\n \u2022 If the Company has appointed a third party to keep records on its behalf, the Company will immediately provide the Centre and the relevant departments of the Authoritywith the following details of the third party:<\/strong><\/p>\n \u2022 full name, if the third party is a natural person<\/p>\n \u2022 registered name, if the third party is a close corporation or company<\/p>\n \u2022 name under which the third-party conducts business<\/p>\n \u2022 full name and contact particulars of the individual who exercises control overaccess to the records<\/p>\n \u2022 address where the records are kept<\/p>\n \u2022 address from where the third-party exercises control over the records<\/p>\n \u2022 full name and contact particulars of the individual who liaises with the third party,on behalf of the Company, regarding the retention of the records.<\/p>\n \u2022 The Company will ensure that it has easy access to the customer due diligence and transaction records, and that they are readily available to the Centre and the relevant departments of the Authority.<\/p>\n \u2022 The Company notes that if it fails to provide the Centre and the relevant departmentsof the Authority with the details of the third-party,<\/strong> it is non-compliant and is subject to an administrative sanction.<\/strong><\/p>\n 2.6.4. Tax administration Act<\/strong><\/p>\n \u2022 5 YEARS:<\/strong><\/p>\n o Taxpayers that have submitted a return (from date of submission)<\/p>\n o Taxpayers who were not required to submit a return, but received income, had capital gains\/losses or engaged in any other activity that is subject to tax, or wouldbe subject to tax but for the application of a threshold or exemption (from the endof the relevant tax period)<\/p>\n \u2022 INDEFINITE<\/strong>: Taxpayers who were meant to submit a return but have not for that period(until the return is submitted, then 5 years)<\/p>\n \u2022 UNTIL AUDIT IS CONCLUDED, OR ASSESSMENT, OR DECISION, BECOMES<\/strong> o A person who has been notified of, or is aware, that the records are subject to an audit or investigation. The extended retention period will apply irrespective of whether the assessments have prescribed.<\/p>\n \u2022 A person who has lodged an objection or appeal against an assessment or decision.<\/p>\n \u2022 UNTIL BASE COST CALCULATION MUST BE PROVED TO SARS FOR<\/strong> o A taxpayer bears the onus of proving a valuation, an exemption, and a deduction,where any of these items form part of a calculation, for purposes of calculating thebase cost for capital gains tax purposes, it is recommended that a taxpayer retain records for a longer period, because it will enable the taxpayer to discharge this onus.<\/p>\n 2.6.5.\u00a0 Income Tax Act (additional to the Tax administration Act retention requirements)<\/strong><\/p>\n \u2022 5 YEARS FROM DATE OF SUBMITTING EMP201 & EMP501:<\/strong><\/p>\n o For each employee, the employer must keep a record of:<\/p>\n 2.6.5.1. amount of remuneration paid, or due, by him, to the employee;<\/p>\n 2.6.5.2. amount of employees\u2019 tax deducted, or withheld, from the remuneration paid, or due;<\/p>\n 2.6.5.3. income tax reference number of that employee;<\/p>\n 2.6.5.4. any further prescribed information<\/p>\n \u2022 5 YEARS FROM DATE OF SUBMISSION, OR FROM END OF TAX YEAR (as <\/strong>applicable):<\/strong><\/p>\n o Registered micro businesses must only retain records of:<\/p>\n 2.6.5.1. amounts received during a year of assessment;<\/p>\n 2.6.5.2. dividends declared during a year of assessment;<\/p>\n 2.6.5.3. each asset as at the end of a year of assessment with a cost 2.6.5.4. each liability as at the end of a year of assessment that 2.6.6. Value Added Tax Act (additional to the Tax administration Act retention requirements)<\/strong><\/p>\n \u2022 5 YEARS FROM SUBMISSION DATE<\/strong>:<\/p>\n o Where the zero rate is applied by any vendor, documentary proof must be obtained, and retained, to substantiate the entitlement to the zero rate<\/p>\n o Where a vendor\u2019s basis of accounting is changed, the vendor must prepare lists of debtors, and creditors, showing the amounts owing by the debtors, and owing to the creditors, at the end of the tax period immediately preceding the changeover period<\/p>\n o record of all goods, and services, supplied by, and to, the vendor, showing the goods, and services, the rate of tax applicable to the supply, and the suppliers, ortheir agents, in sufficient detail, to enable the goods, and services, the rate of tax,the suppliers, or the agents, to be readily identified by the Commissioner, and all invoices, tax invoices, credit notes, debit notes, bank statements, deposit slips, stock lists, and paid cheques<\/p>\n o record of all importation of goods<\/p>\n o documentary proof, where tax fractions apply, and alternative documentary proof(where applicable)<\/p>\n o charts, and codes, of account, the accounting instruction manuals, and the system, and programme, documents, which describes the accounting system used for each tax period, in the supply of goods, and services;<\/p>\n o any list required to be prepared (i.e. vendor\u2019s basis of accounting is changed)<\/p>\n o any documentary proof (i.e. zero rate is applied)<\/p>\n [\/et_pb_text][et_pb_text ol_type=”lower-roman” ol_position=”outside” ol_item_indent=”50px” _builder_version=”4.25.0″ _module_preset=”default” text_font=”Poppins||||||||” text_text_color=”#1A252F” header_font=”Averta Semibold||||||||” header_text_align=”left” header_text_color=”#1a252f” header_font_size=”35px” header_letter_spacing=”2px” header_line_height=”1.3em” header_2_font=”Averta Semibold||||||||” header_2_text_align=”left” header_2_font_size=”18px” header_2_letter_spacing=”2px” header_2_line_height=”1.4em” header_3_font=”Poppins||||||||” header_3_text_align=”left” header_3_text_color=”#e53a05″ header_3_letter_spacing=”1px” header_3_line_height=”1.8em” custom_margin=”15px||||false|false” custom_padding=”||0px||false|false” hover_enabled=”0″ header_text_align_tablet=”left” header_text_align_phone=”left” header_text_align_last_edited=”on|phone” header_font_size_tablet=”33px” header_font_size_phone=”33px” header_font_size_last_edited=”on|phone” header_letter_spacing_tablet=”2px” header_letter_spacing_phone=”1px” header_letter_spacing_last_edited=”on|phone” header_line_height_tablet=”1.4em” header_line_height_phone=”1.3em” header_line_height_last_edited=”on|desktop” header_2_font_size_tablet=”18px” header_2_font_size_phone=”17px” header_2_font_size_last_edited=”on|desktop” header_2_letter_spacing_tablet=”1px” header_2_letter_spacing_phone=”1px” header_2_letter_spacing_last_edited=”on|phone” header_3_font_size_tablet=”20px” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone” header_3_line_height_tablet=”1.4em” header_3_line_height_phone=”1.4em” header_3_line_height_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n 2.7.\u00a0 Destruction of documents<\/strong><\/span><\/p>\n 2.7.1.\u00a0<\/strong> Documents may be destroyed after the termination of the retention period specified in the relevant legislation.<\/p>\n 2.7.2.\u00a0<\/strong> Each department is responsible for attending to the destruction of its documents, which must be done regularly. Files must be checked, to ensure that the documents may be destroyed, and to ascertain whether there are important original documents in the file. Original documents must be returned to the holder thereof, failing which, they should be retained by the Company, pending return.<\/p>\n 2.7.3.\u00a0<\/strong> After performing this process, the head of the relevant department shall, in writing, authorise the removal and destruction of the documents in the authorisation document.<\/p>\n 2.7.4.\u00a0<\/strong> The documents are then made available for collection by the removers of the Company\u2019s documents,who also ensure that the documents are shredded before disposal. This helps to ensure confidentiality of information.<\/p>\n 2.7.5.\u00a0<\/strong> Documents may also be stored off-site, in storage facilities, approved by the Company, as long as the relevant authorities are informed thereof.<\/p>\n 3.1.\u00a0<\/strong> All employees are obliged to comply with the Policy, and it is a condition of employment. Non-compliance is a breach of their employment contract, and is an action of misconduct, so employees may be subject to disciplinary action, which may lead to dismissal. Non-compliance by an employee will be dealt with according to the Company\u2019s disciplinary policy. For assessing, and addressing, the non-compliance, reports made by the compliance officers, internal audit, external audit, and the Authorities, will be considered, for appropriate action to be taken.<\/p>\n 4.1.\u00a0<\/strong> The policy will be reviewed annually, updated, if necessary, and the latest version will be adopted and approved by the board where material changes have been made that necessitate board approval.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Retention of Documents Policy (“the Policy”)1. Policy approval and information2. Retention and confidentiality of documents, information, and electronic transactions 2.1. Purpose and scope The purpose of this Policy is to exercise effective control over the retention and confidentiality of documents, information, and electronic transactions, as prescribed by legislation and as dictated by business practice. Documents must be retained, in accordance with legislation, to prove the existence of facts, and to exercise the rights of the Company. Documents are also necessary for defending legal action, for establishing what was said, or done, in relation to the functions of the Company, and to mitigate the Company\u2019s reputational risks. This Policy also helps to ensure that the Company\u2019s interests are protected and that the Company\u2019s and clients\u2019 rights to privacy and confidentiality are not breached. The Policy applies to all documents, information, and electronic transactions, generated within, and\/or received by, the Company. Queries may be referred to the compliance function, or the information officer. 2.2. Legislative framework The reference to legislation, subordinate legislation and supervision documents includes amendmentsmade from time to time. \u2022 Financial Sector Regulation Act 9 of 2017 (the FSRA) \u2022 Conduct of Financial Institutions Bill (the COFI Bill) \u2022 Protection […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-21722","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
made from time to time.<\/p>\n
only bedisclosed, without fear of redress, in the following circumstances:<\/p>\n
to that person receiving the information.<\/p>\n
thosedocuments must be retained, some of which are detailed below.<\/p>\n
FINAL (IN ADDITION TO 5-YEAR RULE)<\/strong><\/p>\n
CAPITALGAIN\/LOSS<\/strong><\/p>\n
priceof more than R10 000;<\/p>\n
exceeded R10 000.<\/p>\n<\/h3>\n
3. Consequences of non-compliance with the policy<\/h3>\n
<\/h3>\n
4. Policy review<\/h3>\n