SARS has access to detailed bank account information
SARS now has access to all one’s bank details, including all payments made or amounts received in one’s accounts.
This follows a notice to all “reporting institutions,” as published in the Government Gazette of 29 February 2012. According to the notice, reporting institutions – which include all banks – have to furnish SARS with bi-annual returns containing information about moneys invested and deposited with, and loaned to, each of these institutions as well as interest received or accrued from the relevant institution.
A wide variety of information is to be disclosed, including the monthly totals of all credits and debits to an account. The first return will cover the period 1 March 2012 to 31 August 2012 and has to be submitted by 31 October 2012.
Since SARS has access to all one’s bank details, it is important to get one’s tax affairs in order.
For more information contact Sonja Frank or Estian Haupt of Exceed Tax and Advisory Services on tel. 021 882 8140 or e-mail email@example.com.