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Exempt Supplies

When and why you would do a Vat adjustment
You probably know that an adjustment is a calculation that results in an additional amount of output tax you have to pay or input tax that you can claim. But do you know when and why you would do an adjustment? Read on to find out...... ››› more
[04 October 2013]

Revealed: Eight Vat-exempt financial services
Don't be fooled into thinking the rules for financial services only apply to banks! If your business performs any of the activities below, part of your activities will also be exempt. And since you can't claim input tax on expenses relating to exempt supplies, it's important to get this part of your Vat calculations right. Here are the eight financial services exempt from Vat...... ››› more
[06 September 2013]

Seven tips to ensure you become one of the least audited Vat vendors in South Africa
SARS is constantly on the lookout for Vat evaders and those vendors who may have made mistakes in their Vat returns. Follow these seven tips to ensure you fly beneath SARS' radar and avoid becoming an audit statistic.... ››› more
[30 July 2013]

Own a building or rent out accommodation for commercial or private purposes? Find out how Vat rules apply to you
If you own a building or rent out accommodation for commercial or private purposes, different Vat rules apply. Know what rate at which to charge Vat and what rental is exempt from it to avoid miscalculations, under or over payments and the inevitable SARS penalties that'll follow...... ››› more
[26 June 2013]

Buying or selling fixed property? Follow these five special Vat rules and put cash back into your business
If you're buying or selling a fixed property, there are five Vat rules you need to apply correctly. Read on to find out what they are so you can apply them and put more cash back into your business.... ››› more
[18 June 2013]

Revealed: The difference between exempt supplies and zero-rated supplies and how knowing it can increase your company's cash flow
According to the Practical Vat Loose Leaf Service, Vat exempt and zero-rated supplies are often seen as the same thing by Vat vendors, but they're treated differently by the Vat Act and have different results. Read on to discover the difference between the two so your business can cash in on the input tax benefits of zero-rated supplies.... ››› more
[10 June 2013]

Is your business up-to-date with Vat implications of the latest Budget Speech?
As expected, this year's Budget Speech ended up confusing many South Africa citizens. When it comes to implications of the Vat Act in particular, one of the main areas of confusion is how to register your business for Vat if you operate over the internet. Here's what you need to know!... ››› more
[13 March 2013]

Watch for these Vat zero-rating repercussions in today's Budget Speech!
Businesses are buzzing with expectations about how today's Budget Speech announcement will affect your bottom line. If your business is Vat-registered, you'll know it's the topic of Vat-exempt supplies that tends to cause the most confusion. And politicians are expecting that we'll see a rise in the amount of items that now fall under the Vat zero rate. Here's what you need to know...... ››› more
[27 February 2013]

Are you entitled to claim input tax on your employee's long-service award?
Last month, an inspirational employee who refused to let his Down's Syndrome get in the way of his work was honoured for ten years of service at a McDonald's restaurant in England, reports the Harlow Star. That's great news and something many companies do to reward their employees for their loyalty. If your company does this, here's what you need to know about claiming input tax on employee awards.... ››› more
[06 February 2013]

The 5 Vat implications you need to know to benefit from making a fixed property input tax claim!
The Vat implications of buying a new property for your business can be complicated if you're not a tax practitioner. You need to know what type of fixed property or real estate Vat applies to and how to apportion Vat correctly in these cases. Here are 5 special Vat rules you need to know to ensure you'll get your input tax back from SARS:... ››› more
[22 January 2013]

Here's why you should back the National Consumer Forum: It wants to make electricity Vat-free!
The suggested electricity price hike of 110% over the next five years is nothing but an added financial stress, especially as you can't claim the Vat portion back from SARS ... yet. There's hope that the National Consumer Forum will put pressure on government in this regard, but chances are slim.... ››› more
[21 January 2013]



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