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SARS has changed the process you need to use to change your banking details! Here's what you need to know

by , 11 March 2015
Lots of things have changed at SARS. From new forms to new processes, this department is always changing!

And now SARS has made changes regarding the process you need to use to change your banking details. If you don't do it correctly, you won't get your tax refund! And SARS absolves itself completely from this.

Make sure you know what you need to do so you get your refund when its due to you.

When it comes to your bank account details, here are the changes SARS made:

Let's say your spouse's salary is paid into your account or vice versa, SARS regards the account as a shared account. For this reason, if you need to change the banking details it has on record, both of you have to be present at the SARS branch to update them

Moreover, if you have a shared account, you can only make changes to a savings and cheque account. Credit card accounts aren't acceptable.

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Keep in mind that tax practitioners can't change banking details for taxpayers either..

In addition, if you live in a settlement without allocated house numbers, SARS will accept an affidavit from a police station as proof of residential address. It only accepts affidavits in exceptional cases like this.

That's not all SARS has changed.

New accounts:  For bank accounts less than a month old, you need to provide an original letter from the bank that's no older than one month.

Verification of bank statement: • The three months validity period of the bank statement will be verified against the date on the bank date stamp.

SARS will accept the bank statement even if the initials on the bank statement don't correspond to the initials on your ID. For example, the bank statement reflects 'SN Smith'
and the ID reflects 'SNM Smith'.

Proof of address:

• SARS won't accept a bank statement as proof of address. SARS will send you away if the address on the bank statement doesn't correspond with the valid proof of address.

• If you're trading from home as a sole proprietor and the proof of address is in your name or with 'trading as', you must give SARS proof of address in either the business owner's name or with 'trading as' and not from both business and 'trading as'.

• If your entity is a close corporation/company, you must provide proof of address in your name AND a proof of address for the entity.

• The Chief or Councillor must complete a Confirmation of Residential/Business Address by Third Party (CRA01) if you live in an area where municipal accounts aren't issued.

• SARS has taken a policy decision to prescribe the validity period of any document which is certified. The validity period of a certified stamp on any document isn't more than three months. The date forms part of the content of the stamp.

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SARS has changed the process you need to use to change your banking details! Here's what you need to know
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