Vat Output Tax For Everyday Users (South Africa)

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

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