CATEGORIES
- (1) Negotiating Tax Debt and Payment Arrangements with SARS
- (15)Accounting
- (2)Accounting for Income Tax
- (7)Administration of Estates
- (1)Application of tax rates, s6(2) rebates
- (1)Assessed losses
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- (1)Capital Gains Tax - Individuals Tax
- (1)Capital Gains Tax Implications of Trusts
- (2)Case study: Home office expense
- (1)Case study: Travel allowances
- (1)Company Formations
- (117)Corporate Tax
- (9)Customs and Excise
- (2)Deceased Estate
- (1)Deductions Pre-trade and prepaid expenses
- (1)Deferred tax assets and deferred tax on equity
- (1)Deregistration
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- (1)Estate Duty
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- (1)Low interest rate loans and loan subsidies
- (1)Nature of the rights of beneficiaries
- (1)Notional input tax
- (8)Payroll
- (2)Practical Payroll
- (2)Provisional tax (Link with other Taxes)
- (1)SARS Dispute Resolution
- (4)SARS Issues
- (1)Salaried Employees
- (127)Tax Administration
- (2)Tax Administration Part 2B: Resolving Problems with SARS using the Tax Ombud
- (1)Tax Administration Part 3B Dispute Resolution - Objection and appeal
- (2)Tax Update
- (2)Tax implications of loans to trusts
- (1)Tax residence
- (1)Tax returns and payments
- (1)Transfer-Pricing
- (1)Trust Income / Gain Allocations
- (1)Trust types and income allocations
- (5)Trusts
- (66)VAT
- (3)VAT periods
- (1)Wear and tear allowances
- (1)Zero Rated
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What happens when SARS pays a refund into an old bank account?
- 12 October 2023
- Tax Administration
- SARS
Before submitting an Income Tax Return, ensure that all details including banking details are updated. It is a taxpayer’s responsibility to always ensure that SARS has their correct bank details.
SARS only pays refunds into valid bank accounts. If the ‘old’ bank account is still open and valid, SARS will be unable to assist the taxpayer. The taxpayer will have to consult their bank.
However, if the account is closed, the credit will be returned by the bank and automatically reversed by SARS. This also invalidates the bank details and communication will be issued to the taxpayer.
For information on how to change banking details using eFiling, please click on the following: Adding or Changing Banking Details | South African Revenue Service (sars.gov.za).
SARS will require supporting documents, the detail of which is listed as per the enclosed: Relevant Material or Supporting Documents | South African Revenue Service (sars.gov.za)c
Source: SARS