As a “transaction-based” tax, VAT affects every activity of the Taxpayer. Not only is it important that the vendor pays the correct VAT to SARS, it is also important that VAT is paid in the relevant tax period, that the prescribed documentary evidence is produced and obtained, and that the VAT returns reconciles to declarations made in the annual financial statements and ITR 14 Income Tax returns.
The course combines tax technical content with practical application and will not only assist the vendor in managing the VAT responsibilities on a day-to-day basis, but will also guide the taxpayer to manage complex transactions including but not limited to the apportionment of input tax, immovable property transactions, group reorganisations and change in use adjustments. Participants will be guided on how to plan for, and complete the IT 14SD in so far as output tax and input tax reconciliations are concerned.
The course is case study based whereby complex principles are explained on a simple, understandable and practical basis.
Topics covered will include the following:
- Overview of important definitions in the VAT Act.
- Understanding the lay-out of the VAT Act.
- Supplies made by the vendor:
- VAT on bad debts written off and bad debts recovered
- VAT consequences of repossessions
- VAT on discounts
- VAT on imports
- Requirements for valid tax invoices, debit notes and credit notes.
- VAT treatment of company reorganisations, mergers and acquisitions.
- Change in use adjustments – some practical examples.
- Apportionment of input tax
- The IT14SD
MCom (Taxation); CA (SA)
SAIT member: R480
Other members: R575
Company Price: R950
This webinar and successful completion of the online assessment will secure 4 hours verifiable output Tax CPD
Time: 09:00 – 13:00