Tax and SARS knowledge base
How do I submit FTI01 and declare foreign tax information on FTI02?
How do FTI01 and FTI02 fit into a reporting financial institution's FATCA or CRS submission to SARS?
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Direct answer
FTI01 is used in the SARS foreign-tax-information reporting process, while FTI02 is the related declaration on eFiling. The process applies to South African reporting financial institutions with FATCA or CRS obligations, including a NIL submission where the current SARS rules require one.
The responsible person must distinguish the data file, its outcome and the formal declaration. Completing one component does not cure a missing or rejected component of the reporting cycle.
What this means in practice
Confirm the institution's classification before the reporting deadline. A NIL population does not necessarily mean there is no filing action.
Reconcile the reported accounts to the institution's due-diligence population and retain evidence of excluded or non-reportable accounts.
Step-by-step
- Confirm whether the entity is a reporting financial institution for FATCA, CRS or both.
- Complete account due diligence and identify the reportable population.
- Prepare the FTI data to the current SARS specification, or confirm the NIL route.
- Submit the FTI01 through the prescribed channel.
- Resolve validation errors and retain the response.
- Open eFiling and complete the FTI02 declaration.
- Check that the declaration relates to the correct entity and period.
- Retain the final reconciliation and governance approval.
Documents and records to keep
- Entity-classification memorandum.
- Due-diligence and reportable-account register.
- FTI file or NIL support.
- SARS submission response.
- FTI02 declaration and sign-off.
Important limits and exceptions
FATCA and CRS definitions, due-diligence rules and reportable jurisdictions are specialised. Do not infer them from ordinary income-tax residence alone.
A declaration should not be signed before the filer has evidence of the underlying submission outcome.
When to get tailored advice
Obtain specialist advice for uncertain entity classification, undocumented accounts, controlling-person issues, NIL filings or rejected foreign identifiers.