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Keep shoppingVAT: Output Tax for Everyday Users (South Africa)
43 students
VAT: Output Tax for Everyday Users (South Africa)
A course on VAT in South Africa - Output Tax for Everyday Users
Created byZendi Janse van Rensburg
Last updated 1/2024
English
What you'll learn
- Understand the basic principles of Value Added Tax (VAT) - Output Tax in South Africa
- Learn what is output tax and how it is charged
- Have a general understanding of the various tax periods
- Understand the VAT registration requirements and different categories of registration
- Have a general understanding of the different basis of accounting for VAT
- Have a working knowledge of Tax Invoice requirements
- Have a working knowledge of the requirements for Debit -and Credit notes
- Be able to identify different supplies (i.e. Zero Rated, Exempt and Deemed)
- Have a general understanding of the concept of time and value of supplies
- Understand the various output tax disclosure requirements on the VAT return
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Course content
9 sections • 17 lectures • 4h 5m total length
Requirements
- It is recommended to have a general understanding of VAT in the workplace, preferably working in an accounting or tax environment. However, prior training or experience in the field is recommended but not a requirement for this course.
Description
Welcome to the world of Value Added Tax (i.e. VAT) in South Africa
WHAT IS OUTPUT TAX?
Output tax is essentially VAT charged by a vendor on the supply of goods or services. In short, it is VAT charged on sales.
But what is the relevance of this?
· A vendor is required to account for output tax to the South African Revenue Service (i.e. SARS) on the supply of taxable goods or services to any other person. It is therefore essential to determine whether a person’s activities require such person to register as a VAT vendor.
· Output tax is payable on taxable supplies only. Exempt supplies will not have any output tax implications.
· Taxable supplies are all supplies that are subject to VAT, including supplies subject to VAT at zero percent.
WHY THIS COURSE?
In this course we deal with the basic VAT principles applicable to organisations in general.
After completion of this course you should:
1. Have a working knowledge of Output Tax and the charging of VAT.
2. Know when to register for VAT.
3. Understand the different tax periods.
4. Know the various documentary requirements.
5. Understand the difference between zero rated, exempt and deemed supplies.
6. Know how to complete the output tax section of the VAT return.
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Who this course is for:
- Tax Accountants, Tax Practitioners, Accountants, Accounting Clerks, Employees in the Financial department of your company