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2020 VAT Refresher - Webinar 1
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2020/06/10
When: 10 June 2020
From 9:00 am until 1:00 pm
Where: Online Webinar
South Africa
Contact: Thabelo Raivhogo
0129437002


Online registration is closed.
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Overview

As a “transaction-based” tax, VAT affects every activity of the Taxpayer. Not only is it important that the vendor pays the correct VAT to SARS, it is also important that VAT is paid in the relevant tax period, that the prescribed documentary evidence is produced and obtained, and that the VAT returns reconciles to declarations made in the annual financial statements and ITR 14 Income Tax returns.

The course combines tax technical content with practical application and will not only assist the vendor in managing the VAT responsibilities on a day-to-day basis, but will also guide the taxpayer to manage complex transactions including but not limited to the apportionment of input tax, immovable property transactions, group reorganisations and change in use adjustments. Participants will be guided on how to plan for, and complete the IT 14SD in so far as output tax and input tax reconciliations are concerned.

The course is case study based whereby complex principles are explained on a simple, understandable and practical basis.


Course Content

Topics covered will include the following:

  • Overview of important definitions in the VAT Act.
  • Understanding the lay-out of the VAT Act.
  • Supplies made by the vendor:
    • Taxable supplies
    • Standard rated supplies
    • Zero Rated supplies
      • Goods
        • Direct exports
        • Indirect exports
        • Going concerns
      • Services
    • Non-taxable supplies
      • Exempt supplies
      • Non-supplies
    • Time of supplies
    • Deemed supplies
      • Insurance
      • Fringe benefits
      • Section 8(27) excess payments
      • Deregistration as vendor
  • Supplies made to the vendor
    • Link between the purpose of the expense and the treatment of input tax.
    • Documentary evidence required for claim of input tax.
    • Claim of input tax actually paid/incurred.
    • Notional input tax deductions.
      • Second hand goods
      • Insurance
    • Denial of input tax
      • Motor Cars
      • Entertainment
      • Sports, recreational and social club subscriptions
  • Special rules on immovable property
  • VAT on bad debts written off and bad debts recovered
  • VAT consequences of repossessions
  • VAT on discounts
    • Trade discounts
    • Early settlement discounts
    • Negotiated discounts
  • VAT on imports
    • Imported goods
    • Imported services
  • Requirements for valid tax invoices, debit notes and credit notes.
  • VAT treatment of company reorganisations, mergers and acquisitions.
  • Change in use adjustments – some practical examples.
  • Apportionment of input tax
    • Turnover based method
    • Special methods
  • The IT14SD
    • Reconciling output VAT to turnover per the AFS
    • Reconciling input VAT to cost of sales per the AFS

Presenter

Johan Heydenrych


 

Johan has specialised in taxation since 1991 and became a tax partner at a Big Four Firm in 1997.

Since March 2020, he provide independent tax consulting services and focus on the provision of training courses to clients and tax professionals.

Johan has 30 years experience in providing tax consulting services in the area of Corporate Tax, Value-added Tax and Remuneration planning. He regularly present tax courses to clients and organisations on VAT, Income Tax and Employment Taxes. His MCom thesis entitled “A critical analysis of VAT at local authorities” assisted me in achieving this Masters degree cum laude.

Area of Expertise

Corporate Tax, Value-added Tax, Employment Tax, Tax Accounting, Tax Process and Technology

Education and Qualifications

  • B. Com (Accounting) (Cum Laude)
  • B. Com (Accounting) (Hons) (Cum Laude)
  • Certificate in the Theory of Accounting
  • M. Com (Taxation) (Cum Laude)
  • Chartered Accountant (Specialising in Taxation) Member of SAICA and IRBA
  • Registered Tax PractitionerIn December 2012 she started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the SAICA SMP training in 2014 and the FASSET Budget and Tax Update in 2015 and 2016.

CPD

This event and successful completion of the online assessment will secure 4 hours verifiable output Tax CPD points.


Event Investment 


100% discount for All CPD subscribers. Not a CPD subscriber yet? Click here to register now. .

SAIT member: R480.00

Non-member: R575.00

Company price: R950.00

Please note the company price applies whenever more than one person will be watching a webinar concurrently from one connection, e.g. if a group is watching the webinar together in a boardroom.


Payments & Cancellations

  • All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
  • Kindly note that should payment not be received 2 days after the event, legal action will be taken
  • Proof of payment will be requested at registration, if payment does not reflect on SAIT bank account.
  • Cancellations:
    • Only written notice of cancellation will be recognized.
    • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
    • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
  • Delegates who book and fail to attend will be liable for the full event fee.
  • SAIT`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
  • Please click here for the full terms and conditions.

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