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Your four duties to get your VAT refund from SARS on time

by , 27 May 2016
Your four duties to get your VAT refund from SARS on timeGood news! When your input tax exceeds your output tax, SARS owes you a VAT refund.

To claim your VAT refund, you must
- Calculate your VAT; and then
- Submit your VAT return to SARS via eFiling.

The amazing thing about a VAT refund is it can help you ease cash flows in your business.

So there's no question that you want to get it as soon as possible.

To make this happen, don't just sit back after filing your return. You have to comply with certain duties.
 
Read on to find out what your duties are so you can get your  VAT refund [47 / 8.39%] from SARS on time.


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SARS has put a few surprises in the new VAT return… And they could cost you your refund!

Something as simple as leaving a space instead of putting a zero in column 1A of the new VAT return could cost you your refund!

Are you 100% sure you've covered all your bases?

Find out how you can avoid falling into the traps today!

*******
 

Revealed: You have four duties once you've submitted your VAT return to SARS

 
#1: You must keep all relevant tax invoices and other documents on hand in case SARS contacts you for an audit.
 
You see, once you've submitted your VAT refund, SARS captures it on its system. It then screens the refund to decide whether or not to conduct an audit.
 
If it decides to conduct an audit, you'll get a 'VAT review letter' in your email inbox and on your eFiling. Or the SARS auditor will get in touch with you to make arrangements to conduct the audit.
 
Be ready for anything so there won't be any delays.
 
#2: Make sure all your other taxes are up to date and you owe SARS nothing.
 
If you owe SARS money, the taxman will use your VAT refund to settle the other taxes, penalties and interest.
 
#3: Count the days SARS has to pay your VAT refund.
 
If you're due a VAT refund, you must get payment within 21 business days – this includes SARS' audit time. So start counting from the day you submit your VAT return.
 
In addition, make sure you're available for SARS within those 21 business days. If you aren't, it'll take longer to get your refund.
 
#4: Check your bank statement or your eFiling work page.
 
When the 21 business days are up, check your bank statement or your eFiling work page. If SARS hasn't paid your refund over yet, insist that it pays you interest on it.

Read on for how you can speed up the VAT refund process... 
 
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Did you hear SARS denied De Beers Consolidated Mines R7 million input tax claim? 
 
When De Beers employed local financial service providers to work out a fair price of their shares, they claimed the R7 million input tax.
 
But SARS denied this. And after 12 years of legal battles, the Supreme Court of Appeal agreed!
 
If only they'd just paid R799 for my Input Tax 101 eReport. In just one hour, they'd know this was one of seven claims SARS specifically denies.
 
Make sure you know what you can and can't claim input tax on with the Input tax 101 eReport!
 
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Is there anything else you can do to speed up the VAT refund process?


Yes.
 
You need to make sure SARS has your full and correct bank details. This will help it facilitate smooth and uninterrupted refunds.
 
Remember, SARS won't pay interest on late refunds if the refund is late because you didn't submit correct bank details.
 
If you want to get your VAT refund from SARS on time, stick to your duties.
 
P.S. For a checklist on 19 other little-known items you can claim an input tax deduction on, get your copy of the Practical VAT Loose Leaf now


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Pieter 2016-06-28 07:45:54

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