SARS/Banks no longer accepts cheques in excess of R500 000 – change in payment rules
SARS introduced new payment rules with effect from 16 July 2012 as a result of the decision taken by the Payments Association of South Africa (PASA). Both SARS and the banks will no longer be accepting cheques exceeding R500 000.
“Splitting” of payments (ie 2 or more simultaneous cheque payments totalling more than R500 000) will also not be allowed.
Should payments larger than R500 000 need to be made to SARS, the following payment methods must be used:
- Electronic Funds Transfer (EFT) using Internet banking, or
- SARS e-filing payments via “Credit Push” options for the following banks:
– ABSA, Citibank, FNB, Investec, Nedbank and Standard bank
Credit Push refers to a payment transactions initiated on e-filing and presented to the internet banking product for final release by the respective authorised users in the banking systems
An alternative is SARS e-filing payments via “Debit Pull” option but that is limited to R500 000 per day.
Please note that for Employee’s Tax (PAYE) and Value Added Tax (VAT) the payment limit remains at R100 000 per payment – effective 1 June 2011.
Please contact our offices for any assistance in this regard.
All material subject to our Legal Disclaimers.