TAX 3761
ASSIGNMENT 2
SEMESTER 1
2020
, PART A
VAT payable by or refundable to Styles (Pty) Ltd for the two-month tax period
ended 29 February 2020
R
Local-1 213 000*15/115 158 217
Sales
Zambia-export sales -zero rated 0
Right of use motor 450 000 *100/115*0.3% (motor car)
less (85*2) *15/115 *2(2 month vat 262
vehicle
period)*100%
Vat output 1582170+262 158479
From South African supplier -560 (84 000)
000*15%
From American supplier-(181 000 +
9800)*15/115 (24 887)
Raw materials Second hand raw material- Value of
supply on the lesser of open market (10435)
value 80 000 /consideration 89 000
– 80 000*15/115 Claimable to the
extent of payment thus the full
amount paid.
Bank charges – 500*15%
75
Banking charges Interest on overdraft- financial
0
services – exempt from Vat
Fuel Zero rated 0
Salaries No vat input 0
Coffee machine for
Input vat denied – entertainment 0
staff canteen
Vat input 119397
Net vat payable to
39082
sars
ASSIGNMENT 2
SEMESTER 1
2020
, PART A
VAT payable by or refundable to Styles (Pty) Ltd for the two-month tax period
ended 29 February 2020
R
Local-1 213 000*15/115 158 217
Sales
Zambia-export sales -zero rated 0
Right of use motor 450 000 *100/115*0.3% (motor car)
less (85*2) *15/115 *2(2 month vat 262
vehicle
period)*100%
Vat output 1582170+262 158479
From South African supplier -560 (84 000)
000*15%
From American supplier-(181 000 +
9800)*15/115 (24 887)
Raw materials Second hand raw material- Value of
supply on the lesser of open market (10435)
value 80 000 /consideration 89 000
– 80 000*15/115 Claimable to the
extent of payment thus the full
amount paid.
Bank charges – 500*15%
75
Banking charges Interest on overdraft- financial
0
services – exempt from Vat
Fuel Zero rated 0
Salaries No vat input 0
Coffee machine for
Input vat denied – entertainment 0
staff canteen
Vat input 119397
Net vat payable to
39082
sars
