Sanctions Against South Africa Act of 1992

Sanctions Against South Africa Act of 1992 - Prohibits: (1) the ownership of a share or interest in a business, commercial enterprise, or economic resource in South Africa by a U.S. person; (2) any commitment or transfer of financial or economic resources by a U.S. person to the Government of South Africa or any person in South Africa; and (3) the performance by a U.S. person of any contract in support of an industrial, commercial, public utility, or governmental project in South Africa.

Bars the import into the United States of any: (1) goods or services of South African origin, other than publications and informational materials; and (2) South African krugerrand or other gold coin minted in South Africa or offered for sale by the South African Government.

Prohibits the export to South Africa, with certain exceptions, of goods, technology, or services from the United States.

Bars: (1) transactions by a U.S. person relating to transportation to or from South Africa; (2) the provision of transportation to or from the United States by any South African person or any vessel or aircraft of South African registration; and (3) the sale in the United States by any person holding authority under the Federal Aviation Act of 1958 of any transportation by air which includes a stop in South Africa.

Amends the Internal Revenue Code to deny foreign tax credits with respect to taxes paid to South Africa beginning on January 1, 1993, and ending on the date the Secretary of State certifies to the Secretary of the Treasury that sanctions under the Sanctions Against South Africa Act of 1992 have been terminated.

Prohibits assistance (other than humanitarian assistance) to South Africa under the Foreign Assistance Act of 1961 and the Arms Export Control Act.

Makes prohibitions under this Act inapplicable with respect to victims of apartheid.

Prescribes criminal penalties for violations of this Act.

Authorizes the President to modify or waive the prohibitions of this Act if he certifies to the Congress that such action is in the national interest and the Congress enacts legislation approving the action.

Terminates the prohibitions of this Act if: (1) the President certifies to the Congress that a democratically-elected nonracial national government is established in South Africa; and (2) the Congress enacts legislation approving such certification.

Expresses the sense of the Congress that the United States should provide specified assistance to South Africa upon the establishment of a democratically-elected nonracial government in such country.