The South African Revenue Service (SARS) has the authority to access detailed information about your bank accounts, including all payments made or amounts received. This includes monthly totals of all credits and debits to your account.
What Information Does SARS Have Access To?
SARS has access to a wide range of information about your bank accounts, including:
- Monthly totals of all credits and debits to your account
- All payments made or amounts received in your accounts
- Interest received or accrued from your bank
- Any other information that SARS deems relevant
How Does SARS Get This Information?
SARS obtains this information from “reporting institutions,” which include all banks. Banks are required to submit bi-annual returns to SARS containing this information.
Why Does SARS Have This Information?
SARS uses this information to ensure that you are paying the correct amount of tax. SARS can use this information to identify discrepancies between your tax return and your bank records.
What Can You Do to Protect Your Privacy?
There are a few things you can do to protect your privacy:
- Be aware of the information that SARS has access to.
- Keep your bank records up to date.
- File your tax returns on time.
- If you have any questions about SARS’s access to your bank account information, contact SARS directly.
SARS has access to detailed information about your bank accounts. This information is used to ensure that you are paying the correct amount of tax. You can protect your privacy by being aware of the information that SARS has access to, keeping your bank records up to date, filing your tax returns on time, and contacting SARS directly if you have any questions.
FAQs
Q: Does SARS have access to my bank account information?
A: Yes, SARS has access to detailed information about your bank accounts, including all payments made or amounts received in your accounts.
Q: How does SARS get this information?
A: SARS obtains this information from “reporting institutions,” which include all banks. Banks are required to submit bi-annual returns to SARS containing this information.
Q: Why does SARS have this information?
A: SARS uses this information to ensure that you are paying the correct amount of tax. SARS can use this information to identify discrepancies between your tax return and your bank records.
Q: What can I do to protect my privacy?
A: There are a few things you can do to protect your privacy:
- Be aware of the information that SARS has access to.
- Keep your bank records up to date.
- File your tax returns on time.
- If you have any questions about SARS’s access to your bank account information, contact SARS directly.
Q: What happens if I don’t file my tax returns on time?
A: If you don’t file your tax returns on time, SARS may impose penalties and interest charges.
Q: What happens if I don’t pay my taxes?
A: If you don’t pay your taxes, SARS may take legal action against you. This could include seizing your assets or garnishing your wages.
How to Update Banking Details on eFiling
Does SARs have access to my bank details?
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.
How does SARS verify my bank details?
What follows is a verification process. SARS will either notify you immediately that your bank details are ok, or they will tell you that you need to come into your nearest branch to verify your banking details. They may also send you an email some time later about verifying your details.
Can SARS change banking details?
Please note: SARS cannot change banking details if requested through fax, post, or telephone. Who can change banking details? Only taxpayers, registered representatives, or registered tax practitioners can change banking details. The registered representative’s details must match those on the SARS system.
Are banks liable to provide financial information to SARS?
On 29 February 2012, the South African Revenue Service (SARS) issued a notice in Government Gazette No 35090 (Notice No 173) relating to the liability of certain institutions, most notably banks, to furnish SARS with financial information about taxpayers.