Frequently Asked Questions
What do I need before I apply for a AIT?
You need to have access to your personal e-Filling account, proof of source of funds and 3 years assets and liabilities statement.
Can I apply for a AIT without a SARS Income Tax Reference Number?
No, to make use of your R1mil Single Discretionary Allowance (SDA) or R10mil AIT you must be registered at SARS as a personal income tax payer with a SARS Income Tax Reference Number.
Where can I find my SARS Income Tax Reference Number?
If you have an IT number, but can’t find or remember it, you can visit the sars.gov.za website and click on “What is My Tax Number” option.
I can remember my SARS Income Tax Reference Number, but I can't login to my SARS e-Filling.
If you make use of a Tax Practitioner, you can arrange for shared access between yourself and the practitioner. Alternatively you can attempt to register a new profile on the SARS e-Filling website or go through the "Forgot your Username" or "Forgot your Password" process.
What is the 3 Year Statement of Assets & Liabilities document required?
This is a summary statement of all your assets and liabilities at the end of February for 3 years. Bank balances, vehicles, property, bonds, credit cards, etc. This statement will only need to be updated at the end of February each year.
What is considered valid & legal proof of funds?
SARB has made it very clear that all funds used for Crypto Arbitrage Trading can only be generated from salary, investments, sale of an asset or credit from a registered credit provider. Under no circumstances may funds be used that was generated through loans between family or friends. When an Authorized Dealer (Bank) suspects that funds are generated from illegitimate sources, they will refuse to complete the payment under SARB's Anti Money Laundering (AML) legislation.
What does SARS consider Proof of Available Funds?
When applying at SARS for a AIT, you have to prove that you have the availability of funds for the amount applied for in the AIT. The best way to reflect these funds to SARS is printing a transaction history from your online banking accumulating all the available funds from eg. credit card, overdraft, savings and access bond into one account. Historically we've seen SARS struggle to recognize any funds from a Retirement Annuity and they are reluctant to accept funds in unit trusts/shares as available funds.
How long does SARS take to issue a AIT certificate?
According to current policies within SARS, they have 21 working days to respond to a request. We have, however, seen that these applications can take longer than the prescribed response period and we therefore encourage our clients to apply as soon as possible.
Do I have to wait for an approval before applying again?
Yes, you cannot submit a new application until the old one has been approved/declined.
For more information on how to submit a FIA Application, please follow the link to the 5 Step FIA Application Process.