Being selected for audit is stressful, but good records make it manageable.
For individuals and sole proprietors
- Salary certificates and withholding tax certificates
- Bank statements for all accounts
- Property, vehicle and investment documents
- Rent agreements and receipts
- Proof of gifts, loans and inheritance
For businesses
- Sales and purchase invoices and sales tax returns
- General ledger, trial balance and financial statements
- Bank and cash records
- Payroll records and withholding statements
- Fixed asset register and stock records
- Contracts with major customers and suppliers
How long to keep records
The law requires records to be kept for a set number of years, generally six years after the end of the relevant tax year. Keep them longer if there is an open dispute.
If you are selected
- Read the notice and note every deadline.
- Collect the requested documents, without volunteering extra.
- Get professional help before you respond.
See what to do when you receive an FBR notice or contact HACO.
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