Overview of Value-Added Tax (Grade 11 NSC Matric Accounting): Flashcards
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VAT full form
VAT full form
Value-Added Tax
Optional VAT registration turnover threshold
Optional VAT registration turnover threshold
R50,000 annual turnover
Mandatory VAT registration turnover threshold
Mandatory VAT registration turnover threshold
R1,000,000 or more annual turnover
Output tax definition
Output tax definition
VAT collected on sales to customers
Input tax definition
Input tax definition
VAT paid on purchases from suppliers
South African VAT rate (%)
South African VAT rate (%)
15%
Formula: extract VAT from amount including VAT
Formula: extract VAT from amount including VAT
Formula: add VAT to amount excluding VAT
Formula: add VAT to amount excluding VAT
Formula: amount owed to SARS
Formula: amount owed to SARS
Output tax - Input tax
Effect of owner's drawings on VAT owed
Effect of owner's drawings on VAT owed
Increases (treated as sale)