SARS and Banks

Thugscub

Thugscub

Executive Member
Joined
Dec 3, 2008
Messages
8,236
Reaction score
7,207
Location
Lost
How much does one need to deposit into your bank account to get flagged by SARS?:confused:
 
Besides wanting information for something obviously dishonest, as your name suggests, I doubt anybody would be inclined to answer your question. Why should the rest of us pay tax while you duck and dive?
 
Newbie maybe you have never lived in a foreign country. So why should i pay double tax to come to SA on holiday?
 
Thugscub said:
Newbie maybe you have never lived in a foreign country. So why should i pay double tax to come to SA on holiday?
Click to expand...

South Africa have double taxation treaties with most foreign countries. So if everything is in fact above board and you have paid tax on your money you shouldn't have to again.
 
LancelotSA said:
South Africa have double taxation treaties with most foreign countries. So if everything is in fact above board and you have paid tax on your money you shouldn't have to again.
Click to expand...

That is the point thanks L.

Now I have heard if i deposit money into a bank in SA it gets flagged by SARS.

I do not want to have to explain the whole story to a govt. idiot if I can avoid it.
 
Thugscub said:
That is the point thanks L.

Now I have heard if i deposit money into a bank in SA it gets flagged by SARS.

I do not want to have to explain the whole story to a govt. idiot if I can avoid it.
Click to expand...

If you're out of the country for a consecutive 6 month period then the tax laws of the country you reside in apply and not SA tax law. So on returning with money to SA for a brief period of time there shouldn't be any problems, as long as (like they said) everything is above board.

And how hard is it to tell them "I'm not in South Africa, here's my passport, check for yourself, just back on holiday"

That being said, I've brought back about 23k a month more or less (sometimes 50k) for 3/4 months in a row. All I needed to do is tell me accountant, "yo, 4 eyes.... I'm like out of the country ****wit, make my **** right"

And he de-registered me or something because I wasn't residing in SA anymore
 
SARS doesn't have access to your bank account, and they don't monitor it.

Different story if forex is involved i.t.o. Reserve Bank approvals etc. But as I said, SARS doesn't have access to bank accounts per se.
 
sorry to disappoint the lot of you but if you are earning interest on capital you are liable to pay tax on it. SARS is also informed of all interest accrued to an individual in any tax year and that is captured and registered against either the tax reference number or id number. don't kid yourselves you lot.
 
Celine said:
sorry to disappoint the lot of you but if you are earning interest on capital you are liable to pay tax on it. SARS is also informed of all interest accrued to an individual in any tax year and that is captured and registered against either the tax reference number or id number. don't kid yourselves you lot.
Click to expand...

The OP (nor anyone else from what I can see) did not say anything about interest on capital? :confused: The discussion was about them flagging and monitoring your bank account and double taxation.

Further to this, although it is off topic, for your statement to be accurate you would need to specify what investment vehicle you are earning the interest on. Interest earned on an endowment policy for instance would not be liable to tax in the hands of the investor as it would already have been taxed within the fund. Therefore you would not be liable to pay tax on it as it would already have been taxed.
 
LancelotSA said:
The OP (nor anyone else from what I can see) did not say anything about interest on capital? :confused: The discussion was about them flagging and monitoring your bank account and double taxation.

Further to this, although it is off topic, for your statement to be accurate you would need to specify what investment vehicle you are earning the interest on. Interest earned on an endowment policy for instance would not be liable to tax in the hands of the investor as it would already have been taxed within the fund. Therefore you would not be liable to pay tax on it as it would already have been taxed.
Click to expand...

if you have withdrawn an endowment policy and invested it into an interest bearing fund of any nature, then i'm afraid it is taxable. please refer to section 1 gross income of the income tax act.
also SARS does have access to all and everyones banking details if and when they so wish. please remember this when you do your e-filing online. if you enter incorrect banking details it will automatically tell you the banking details are incorrect. SARS are linked to all banks as well as the deeds and vehicle licencing offices.
 
Celine said:
if you have withdrawn an endowment policy and invested it into an interest bearing fund of any nature, then i'm afraid it is taxable. please refer to section 1 gross income of the income tax act.
Click to expand...

Well of course yes, you have just bypassed the argument referring to the endowment policy interest not being taxable in your hands by stating that you withdraw the funds and invest it elsewhere.

However, further to this you again are only providing half the information. Not all interest will be taxable, you of course have the exemption of R21 000 per annum (R30 000 if you are 65 or older).
 
LancelotSA said:
Well of course yes, you have just bypassed the argument referring to the endowment policy interest not being taxable in your hands by stating that you withdraw the funds and invest it elsewhere.

However, further to this you again are only providing half the information. Not all interest will be taxable, you of course have the exemption of R21 000 per annum (R30 000 if you are 65 or older).
Click to expand...

Thats what I thought, and was about to post.
 
LancelotSA said:
Well of course yes, you have just bypassed the argument referring to the endowment policy interest not being taxable in your hands by stating that you withdraw the funds and invest it elsewhere.

However, further to this you again are only providing half the information. Not all interest will be taxable, you of course have the exemption of R21 000 per annum (R30 000 if you are 65 or older).
Click to expand...

that's only from the 2010 tax year. 2009 is 19000 and 27000 for 65 or older.
 
i generally have had large amounts moving into and out of my account with no issues at all from SARS. At many times over R500k. It depends on your profile in the end
 
adamr said:
i generally have had large amounts moving into and out of my account with no issues at all from SARS. At many times over R500k. It depends on your profile in the end
Click to expand...

you are now talking about capital not interest.
 
Lol, the OP said nothing about whether it was interest or capital. Neither did adamr. It is possible to have 500k worth of interest.
 
rorz0r said:
Lol, the OP said nothing about whether it was interest or capital. Neither did adamr. It is possible to have 500k worth of interest.
Click to expand...

come on he if it was interest a copy of the IT3b would have been submitted by the bank to SARS. and if it was that amount do you really think SARS will sit back and say ..........yo you done well on earning such interest, well done mate.
 
Celine said:
that's only from the 2010 tax year. 2009 is 19000 and 27000 for 65 or older.
Click to expand...

Which still doesn't prove anything as you keep avoiding the point? :rolleyes: anyway. I feel we have another "I need to be right" person in here.

Celine. Of course you are right. /pat on back/ Now go grab a milk and cookie and join the rest of the people who needs to be right all the time.... they all watching Oprah
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X