Taxpayers are reminded that, as reported in our July Newsletter, banks no longer accept cheques exceeding R500 000 in value. They will also not accept so-called “split cheque” payments, i.e. two or more simultaneous cheque payments intended to make up a single amount of R500 000 or more.
The South African Revenue Service (SARS) therefore advises taxpayers who need to make payments that exceed R500 000 to SARS, to use either SARS eFiling or Electronic Funds Transfer (EFT). Note that on eFiling, only the Credit Push facility will work if payment is in excess of R500 000 as the Debit Pull facility is limited to R500 000 per day.
Alternatively, arrangements can be made with your bank for a special transfer to SARS or you can approach us to assist with making payments.
It should also be remembered that SARS does not accept cheques exceeding R100 000 in value in respect of PAYE, UIF, SDL and VAT/Diesel, nor does it accept a single cheque payment for two or more kinds of tax (eg PAYE and VAT together); each kind of tax must have it’s own cheque payment.
All requirements related to payments to SARS are fully dealt with in SARS’s Reference Guide to their payment rules which can be accessed by going to the SARS website at sars.gov.za and entering payment rules in the search box at the top of the home page or by clicking here.
You are welcome to contact Christa Marais or the director responsible for your affairs for further information or assistance in this regard.