Page 152 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1
P. 152
Lower of MV on date of
Adjustments (s 18) change/MV on date of
previous adjustment
≤ 100% taxable
supplies % lower taxable supplies
Account for Output tax
lower of Cost/MV x 15/115 x % Decrease
change in taxable supplies
≤ 100% taxable % higher taxable supplies
supplies
Claim input tax
lower of Cost/MV x 15/115 x Increase
% change in taxable supplies
No adjustment if:
• Adjustment of capital goods/services < R40 000 (excl. VAT)
• Change ≤ 10%
• Input was denied (e.g. motor car)
