Posted 15 March 2020
SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.
Change of bank details can be done:
- in person at a SARS branch (During the pandemic, it would be best to make a telephonic appointment with SARS and then send them your supporting documents, SARS will contact you and do the update over the phone with you.)
- via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need to send SARS all the relevant documents (see below) to verify these details.
- when submitting your ITR12 (Income Tax Return)
- at a SARS Mobile Tax Unit
You can’t change your bank details at SARS via phone, fax, email, post or dropbox.
SARS will only accept a bank account which is a Savings, Cheque or Transmission Account in your own name. SARS won’t accept a credit card, bond or foreign account.
What documents do you need to submit?
- Original ID (ID book or driver’s licence) or Passport and a copy thereof which MUST be certified (a black and white copy is best).
- Original bank statement or ATM/Internet generated statement or ABSA eStamped statement, not more than three months old, which confirms the account holder's legal name, bank name, account number, account type and branch code.
Where a new bank account has been opened, and a bank statement isn’t available yet, an original letter from the bank, not older than one month, on the bank letterhead with the original bank stamp reflecting the date the bank account was opened.
- Copy or original proof of address (reflecting your name and surname) such as a utility bill from Telkom, your rates and taxes bill, educational institution account (eg. University bill), eToll account, major retail account, any court orders(!) or traffic fines. Once again these documents must be less than 3 months old.
SARS will also accept your SABC TV licence, motor vehicle licence or insurance and investment documents (eg, short term insurance, life assurance, health insurance, funeral policy, share or unit trust investment statement). These documents must be less than one year old.
And lastly, SARS will accept your current and valid lease agreement.
If you don’t have a proof of address document because you are renting from someone else and the utility bills are in their name, you need to complete a CRA01 form which states where you live - your landlord would need to complete sections of it as well.
This entry was posted in TaxTim's Blog
and tagged Donations, Deductions, Rental Income, Dividends, Travel Allowance, Audit / Verification, SARS & eFiling.
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