Ensure your Banking Details are up to date with SARS
SARS warns taxpayers to update their banking account details before tax season starts. Time is limited, so act quickly to avoid any issues with your taxes.
This week, SARS issued a warning to taxpayers about the importance of providing accurate details for its auto-assessment processes. These assessments will start from 1 July 2024.
This implies that taxpayers are given until June 30 to rectify and refresh their banking information with SARS.
Starting on 1 July 2024, SARS will once again automatically assess taxpayers with simpler tax situations.
Should a taxpayer concur with their auto-assessment, there's no requirement to 'accept' the assessment. Should a refund be necessary, it will be directly deposited into the associated bank account of the taxpayer.
If your banking details are incorrect during the auto-assessment, refunds will not be processed. Taxpayers will need to contact SARS to resolve the issue.
Taxpayers who do not agree with their auto-assessments will have to file a tax return manually. We expect to receive more details soon about Tax Season 2024's auto-assessments.
SARS recommends taxpayers to review their account and registered details on eFiling before 1 July 2024.
To check / verify your bank details on the SARS system
- Login to sarsefiling.co.za
- Click on ‘SARS registered details’
- Click on ‘Maintain SARS Registered Details’.
- Click on ‘My Bank Accounts’ to view your bank details.
- If correct, you are all set to receive a refund in your bank account (if due to you)
What should you do if your banking details are incorrect or have changed?
You can edit/change/update your banking details while still on the ‘My Bank Accounts’ screen. Remember to click on ‘Done’ and then ‘Submit’ once you have updated the details.
Check your registered details on the SARS system
- Login to sarsefiling.co.za
- Click on ‘SARS registered details’
- Click on ‘Maintain SARS Registered Details’.
- Select the item you want to update:
- My Addresses
- My Bank Accounts
- My Email Addresses
- My Trading Name Details
- My eFiling Security Details
If accurate, you are fully prepared to get correspondence from SARS. Should your information be inaccurate or outdated, you also have the option to modify or update these details.
Important alerts this tax season
Tax season is coming soon. SARS wants taxpayers to be careful. They should watch out for scams and fraud. This is especially important for tax refunds and money owed to SARS.
There is a new scam going around. Fake SARS agents are telling taxpayers they can't file their taxes. They claim that an 'outstanding amount' must be paid into a specific account first.
The counterfeit SARS notification warns of punishments such as monetary penalties or imprisonment for non-payment.
The revenue service said that it never provides bank account numbers in its correspondence, and if taxpayers are required to make any payments, they should only use official SARS payment channels.
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