Basic VAT Concepts (Grade 10 NSC Matric Accounting): Flashcards
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VAT standard rate in South Africa
VAT standard rate in South Africa
14%
Zero-rated supplies: input tax treatment
Zero-rated supplies: input tax treatment
Business can reclaim all VAT paid on purchases
Exempted supplies: input tax treatment
Exempted supplies: input tax treatment
Business cannot reclaim any input tax
Three examples of zero-rated items
Three examples of zero-rated items
Brown bread, fuel and oil, graded maize meal
Three examples of exempted supplies
Three examples of exempted supplies
Financial services, residential housing, education services
VAT return submission frequency
VAT return submission frequency
Every second month
What VAT-input account records
What VAT-input account records
VAT paid on purchases
What VAT-output account records
What VAT-output account records
VAT charged on sales
Credit balance in VAT-control account means
Credit balance in VAT-control account means
VAT payable (current liability)
Bad debts under invoice basis: VAT treatment
Bad debts under invoice basis: VAT treatment
VAT paid at invoice, then reclaimed from SARS if debt is bad