Secure electronic fund transfer (EFT) payments can now be made to the taxman without being affected by debit order and cheque limits imposed last year.
A R500 000 limit on debit orders and a R5 million limit on cheques were introduced by the Payments Authority of SA at the beginning of last year to ensure that no unreasonable exposures are built up overnight between banks.
The country`s four major banks and MyTax.co.za, which allows for submission of tax returns and payments via the Web, have announced an initiative in terms of which secure EFT payments can now be made to the South African Revenue Service (SARS) without being affected by the debit order and cheque limits.
Absa`s Internet Banking, FNB`s BankIT, Nedbank`s NedTreasury and Standard Bank`s AutoPay cater for EFT ("credit push") transactions up to and above the debit order and cheque limits.
MyTax.co.za director Rob Nowicki says the offering is a fully secure, reconcilable, irrevocable, real-time transaction process.
"The process is totally safe, reliable and confidential. Taxpayers who wish to make use of this tax payment service will need to make the necessary arrangements with their respective banks to register for the banking service first, such as AutoPay, BankIT, NedTreasury and Absa`s Internet Banking, before they can realise the benefits of e-filing."
As with all e-filing submissions, payments and forms are linked electronically, guaranteeing reconciliation within SARS and therefore no possibility of SARS and the client having differences in records regarding payments, non-payments, late or incorrect payments, he says.
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