Capitec Tax Status Update

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Musiclover08

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Hi forumites

My fiancé has an account with Capitec where she is saving up to buy something nice. Capitec has now smsed her to confirm her tax details, which essentially is which country she is from, is she liable for tax in SA and is she liable for tax in any other country.

I'm sure that she is liable for tax, if any, in South Africa. Has anyone had this before?
 
Musiclover08 said:
Hi forumites

My fiancé has an account with Capitec where she is saving up to buy something nice. Capitec has now smsed her to confirm her tax details, which essentially is which country she is from, is she liable for tax in SA and is she liable for tax in any other country.

I'm sure that she is liable for tax, if any, in South Africa. Has anyone had this before?
Click to expand...

She probably receives over a certain amount in interest and they need to declare it to SARS. Interest received up to R23 800 per year is tax free...
 
Thanks for the reply supersunbird. The account has only been opened for about 3 months though and interest earned is about 10 bucks at the moment. Could it just be a normal check?
 
That sounds strange indeed, maybe just something triggered SARS to ask them to ask her, or it's something that happens with newish accounts now.

My Capitec account is like almost 9 years old, so I can't remember if I gave them my tax nr back then.
 
Is she a foreigner?

Only thing i can think of is WTI(Withholding Tax on Interest).

On interest payments to foreigners, the entity making the interest payment must withhold the tax and pay it over to SARS. Similar to Dividend Withholding Tax but for interest payments.
 
Musiclover08 said:
Hi forumites

My fiancé has an account with Capitec where she is saving up to buy something nice. Capitec has now smsed her to confirm her tax details, which essentially is which country she is from, is she liable for tax in SA and is she liable for tax in any other country.

I'm sure that she is liable for tax, if any, in South Africa. Has anyone had this before?
Click to expand...

I also received that notice from Capitec, via email. I think it's just a standard Bank/SARS regulatory measure, my account is new and I, too, wasn't born here.

p.s - if she's a resident in RSA, as defined by the Act, then she's liable for tax on all earnings accrued in RSA.

p.p.s "fiancée"
 
supersunbird said:
That sounds strange indeed, maybe just something triggered SARS to ask them to ask her, or it's something that happens with newish accounts now.

My Capitec account is like almost 9 years old, so I can't remember if I gave them my tax nr back then.
Click to expand...

Oh they have you tax nr already. They just use your ID to get it.
 
AlphaJohn said:
Oh they have you tax nr already. They just use your ID to get it.
Click to expand...
Mine is also almost 9 years old. They're going to be hard pressed to find a tax nr that doesn't exist.
 
I also received the SMS. Will go in over the weekend and find out what it's about.
 
Part of the FICA/POPI? Act?( not sure which one), but all financial institutions need to record your tax details and source of income and source of funds.
 
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