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Exempt Supplies

  • Revealed: 20 deemed supplies you must pay output tax on
  • If you thought output tax only applies to standard-rated, zero-rated and exempt supplies, you're wrong. It's also applies to deemed supplies. Here are the 20 deemed supplies you must pay output tax on. According to the Practical Vat Loose Leaf Service, although the words 'deemed supply' aren't defined in Vat Law, Section 8 lists certain supplies as deemed to have been made. Essentially, a ... ››› more
  • [20 December 2016]
  • Screen your debit and credit notes before the SARS auditors do... Here's how!
  • SARS is very strict about WHEN, WHY and HOW you can issue a debit or credit note - especially when it comes to your VAT. Get it wrong, and you'll face penalties for sure! Not only that, but your clients/customers will also be targeted by SARS. And let's be honest - no business can afford to develop a reputation as a trouble-maker. If you answer 'no' to any of the screening questions, you're ... ››› more
  • [08 December 2016]
  • This letter could save you R150 000 on your next VAT return
  • Don't file your next VAT return until you read this urgent message! Derek, one of our subscribers recently had R150 000 swiped out of his bank account by SARS! The problem? He filed his VAT return and claimed R30 000 input tax. But, this time, he triggered SARS' Review of VAT201 declaration letter. And he didn't respond to it. So SARS helped itself to his bank account. It not only took... ››› more
  • [27 October 2016]
  • Are you making one of these six common VAT mistakes?
  • Take this quick quiz and answer Yes/No. Are you: • Charging 14% VAT on your direct exports? Yes/No • Claiming 14% VAT on international air travel? Yes/No • Not charging VAT on services you supply in another country? Yes/No • Charging VAT at 0% on your financial services fees? Yes/No • Not charging VAT on commercial accommodation? Yes/No • Not declaring VAT on fringe benefit... ››› more
  • [13 September 2016]
  • Six very important lesser-known facts about exempt supplies
  • Exempt supplies are completely excluded from the VAT scope. This means you don't pay or claim VAT on these items. But unfortunately it's not as simple as it sounds! I know most VAT vendors get easily confused by the complexity of exempt supplies when it comes to VAT. That's why I'm writing to you today. Here are six very important lesser-known facts you may not be aware of when it comes ... ››› more
  • [06 September 2016]
  • The five forbidden items you can't claim input tax on
  • The VAT law lets you claim input tax on the supplies you need to buy in order to run your business. But you can't claim input tax on everything. There are five forbidden items you can't claim on. And if you do, SARS will not only reverse your input tax deductions. They'll also slap you with a 200% penalty, plus interest and fines. And they'll conduct a VAT audit on your business that could go a... ››› more
  • [25 August 2016]
  • Get input tax right every time with these five useful tips
  • With all the changes to VAT Act, it's far too easy to make a mistake regarding input tax. And that's something you definitely don't want to do! Because one little error will not only lead to your input tax claim being denied, but also to you being hit hard by severe penalties, fines and interest. So to help you ensure that you're on the right side of the VAT Act when it comes to input tax, here... ››› more
  • [06 July 2016]
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