I went to verify my bank details at a SARS office only to find I have a third party bank account and I quote from SARS website "A third party account is an account where there is a main member but a secondary member has signing authority. No change of banking details will be allowed by a third party. If the secondary member is the taxpayer to whom a refund is due, he/she will have to open his/her individual bank account." I have a problem with this. I closed my personal account to avoid duplication of bank fees and am now being told to get a new account and, no, SARS will not pay the bank charges that will become due. Does a government agency have the right to tell me where to place my own money (my refund) if I have proved my identity to a reasonable degree?
Unfortunately SARS does in this case. The best solution is to go to Capitec Bank and open a simple savings account, wait a few days and then upload these banking details. Thereafter you can close this account or leave it open. There are very minimal banking charges.
Helensays: 26 September 2013 at 22:11
And would probably need to open a new one each year, and have the hassle of verifying the details each year? I think this is a battle I will not win but must admit it leaves a very sour taste. Thank you
TaxTimsays: 26 September 2013 at 22:41
We agree, our tax director faced this exact problem with a client and was really frustrated by this very process. However if you open a simple account and make those your banking details you will not need to verify each year, doing it this current year will be enough for SARS.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.