SARS now has more access to your bank account information!

With effect from 29th February 2012, all “reporting institutions” were required to submit bi-annual returns to SARS of all monies invested, loaned and deposited with the relevant institutions and in respect of interest received or accrued to such account holders.

These returns would not only include interest earned/accrued by account holders and the relevant bank balances at the end of the 6 month periods, but also monthly totals of all debits and credits to the respective accounts. The first submission of these returns is due to SARS by 31st October 2012.

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