Vat: Output Tax For Everyday Users (South Africa)

A course on VAT in South Africa - Output Tax for Everyday Users

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

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 AfricaWHAT 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.MAKE A CHANGE!Think Big, Start Small and Learn Fast

Overview

Section 1: Output Tax Unpacked

Lecture 1 Output Tax Unpacked

Section 2: Tax Periods and Registration Categories

Lecture 2 Tax Periods

Lecture 3 VAT Registration

Lecture 4 Accounting for VAT

Lecture 5 VAT Registration on E-filing

Section 3: Documentation

Lecture 6 Tax Invoices

Lecture 7 Debit Notes

Lecture 8 Credit Notes

Section 4: Zero Rated Supplies

Lecture 9 Zero Rated Export of Goods

Lecture 10 Zero Rated Supply of Going Concern

Lecture 11 Sundry Zero Rated Supplies: Goods

Lecture 12 Travel Related Services

Lecture 13 Sundry Zero Rated Supplies: Services

Section 5: Exempt Supplies

Lecture 14 Exempt Supplies

Section 6: Deemed Supplies

Lecture 15 Deemed Supplies

Section 7: Time and Value id Supply Rules

Lecture 16 Time and Value of Supply Rules

Section 8: Completion of VAT Return

Lecture 17 Completion of VAT Return (E-Filing)

Section 9: Assessment

Tax Accountants, Tax Practitioners, Accountants, Accounting Clerks, Employees in the Financial department of your company