EFTs and Cash deposits into my bank account

KrzyKrstphr

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Nov 26, 2017
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Hi Guys

I need to have about R50k deposited into my bank account. Will this raise flags with SARS. It's only a once off thing bit if I had to receive cash regularly as well would it be a flag at SARS. It wouldn't be as much as the deposit I'm expecting now.
 

Tman*

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few years back the "flag" amount was R25 000, or R20 000 (cant remember).

Not sure if it has been adjusted?
 

Salvage

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Yes. Banks are required to report all transactions over R25k. It's a FICA requirement if I'm not mistaken.
 

geezer

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What about monthly salary deposits? SARS would be inundated with reports each month if it is amounts of R25k and above.
 

Drifter

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Nah, most salary deposits will reflect as payroll. Inb any case, the banks will see it as a recurring deposit on more or less the same date, thus wont flag it.
 

yebocan

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What about monthly salary deposits? SARS would be inundated with reports each month if it is amounts of R25k and above.

SARS, would know what your salary is, thanks to the PAYE that is paid on your behalf,...all transactions that are done above board, would have a traceable start and end point...all others, SARS will get out the old magnifying glass.
 

geezer

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SARS, would know what your salary is, thanks to the PAYE that is paid on your behalf,...all transactions that are done above board, would have a traceable start and end point...all others, SARS will get out the old magnifying glass.

Makes sense. Thanks for the explanation.
 

Muttley

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Interesting topic...

So how would a loan from/to a family member work then?
Will they come after you for this also?
 

supersunbird

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Hi Guys

I need to have about R50k deposited into my bank account. Will this raise flags with SARS. It's only a once off thing bit if I had to receive cash regularly as well would it be a flag at SARS. It wouldn't be as much as the deposit I'm expecting now.

Why a worry if it is flagged?
 

supersunbird

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Interesting topic...

So how would a loan from/to a family member work then?
Will they come after you for this also?

Who is this they that could come after you?

It's just that the institutions have to report it (there are probably 1000s of those transactions a day) and it's kept on some database.
 

yebocan

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Interesting topic...

So how would a loan from/to a family member work then?
Will they come after you for this also?

would presume eft would be done to effect transfer of funds...start and end point , would be traceable..as appose to cash deposit being made into your account...would raise suspicion.
 

Muttley

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Who is this they that could come after you?

It's just that the institutions have to report it (there are probably 1000s of those transactions a day) and it's kept on some database.

Tom Moyane and his cronies at SARS
 
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