If I may offer some guidance by answering thus:
By my understanding, SARS does not show interest where the company owes money to an owner or director.
SARS certainly does seem to take an interest when the owner or the director owes money to the company.
Where there is a loan account between two companies without direct ownership connections one into the other, SARS might well take the view of routing the loans via the ownership for tax consequence assessment purposes, which by my understanding is pretty much what Clive has alluded to as a risk in his posts above.
If you did not reflect the loans via the common ownership or directorship, the red flag would probably be if the value of the loan exceeded the reported annual value of transactions between the connected parties in the financials (at best), although I would guess it could be possible that there might be a percentage threshold that might flag a closer look.
I can also add that I am in exactly this position, with a control account recording the transactions between two companies which share a common directorship. And I can advise that my auditors do take a very close look at it. Fortunately it quite clearly isn't a long term loan account, with multiple perfectly legitimate transactions happening every business day, and an annual volume that far exceeds the balance that ends up being reflected in the balance sheets of the respective companies.
It's probably worth also pointing out that the days of an auditor or financial reviewer giving a friendly view on such things (based on a "didn't look, couldn't tell" defence) are probably over - SARS seems to have successfully brought significant new culpability to bear - to the point where I think we're probably paying SARS's policemen rather than purchasing professional tax / financial reporting assistance and guidance nowadays.
So if it looks like there should be an interest charge, I do suggest you raise it and have a full blown loan agreement in place.
And avoid long term loans between connected entities.
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