Quiz - How to prepare a VAT201

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Question 1 of 15

1. Question
What is VAT?
- VAT is the direct tax on the consumption of taxable goods and services within the economy of South Africa.
- VAT is the indirect tax on the consumption of taxable goods and services within the economy of South Africa.
- VAT is the normal tax paid on taxable income.
- VAT is the tax deducted by an employer from an employees remuneration.
Question 2 of 15

2. Question
When a business registers for VAT, which of the following is true?
- Businesses that earn an income of greater than fifty thousand rands (R50 000) but less than one million rands (R1 000 000) from the supply of taxable goods and services in any twelve (12) consecutive months can do a voluntary registration.
- Compulsory VAT registration is required from businesses who earn an income or likely to earn an income of greater than one million rands (R1 000 000) from the supply of taxable goods and services in any twelve (12) consecutive months.
- All of the above
- None of the above
Question 3 of 15

3. Question
When calculating the VAT amount, which of the following is correct?
- VAT = amount (inclusive of VAT) x 15 /115.
- VAT = amount (exclusive of VAT) x 15 /115.
- VAT = amount (inclusive of VAT) x 15 /100.
- VAT = amount (exclusive of VAT) x 14 /114.
Question 4 of 15

4. Question
When calculating VAT due or refundable, which of the following is correct?
- VAT due or refundable = Output VAT + Input VAT.
- VAT due or refundable = Input VAT – Output VAT.
- VAT due or refundable = Output VAT x Input VAT.
- VAT due or refundable = Output VAT – Input VAT.
Question 5 of 15

5. Question
For VAT submission and payment due, which of the following is false?
- VAT submission and payment is due on the last business day of the month following the VAT period.
- VAT submission and payment due dates are dependent on the tax period categories allocated to a company.
- VAT submission and payment can be done on a weekend and public holidays.
- Penalties and interest will be raised on late submission and / or payments.
Question 6 of 15

6. Question
Which of the following meets the requirements for a valid tax invoice for supplies (including of VAT) for greater than five thousand rands (R5 000)?
- Contains the words “Tax Invoice”, “VAT Invoice” or “Invoice”. Suppliers name, address and VAT registration number. Serial number and date of issue on invoice. Accurate description of goods and / or services. Value of supply, the amount of tax charged and consideration of the supply.
- Contains the words “Tax Invoice”, “VAT Invoice” or “Invoice”. Suppliers name, address and VAT registration number. Recipient’s name, address and VAT registration number (if registered). Serial number and date of issue on invoice. Accurate description of goods and / or services. Quantity or volume of goods and / or services supplied. Value of supply, the amount of tax charged and consideration of the supply.
- Contains the words “Tax Invoice”, “VAT Invoice” or “Invoice”. Suppliers name, address and VAT registration number. Accurate description of goods and / or services. Quantity or volume of goods and / or services supplied. Value of supply, the amount of tax charged and consideration of the supply.
- Contains the words “Tax Invoice”, “VAT Invoice” or “Invoice”. Suppliers name, address and VAT registration number. Recipient’s name, address and VAT registration number (if registered). Serial number and date of issue on invoice. Quantity or volume of goods and / or services supplied. Value of supply, the amount of tax charged and consideration of the supply.
Question 7 of 15

7. Question
Which of the following is not a supply of zero rate goods?
- Petroleum and crude oil.
- Sale of a going concern where both parties are VAT vendors.
- Tomato and lettuce sandwich served at a restaurant.
- Brown bread
Question 8 of 15

8. Question
Which of the following are supply of exempt or non-supplies?
- Retirement annuity funds.
- After school centres for childcare services.
- Taxi and bus passenger transport.
- All of the above
Question 9 of 15

9. Question
Which calculation is correct in calculating the VAT on supply of accommodation exceeding twenty-eight (28) days?
- Output VAT = Accommodation amount (excluding VAT) x 15 / 115.
- Output VAT = Accommodation amount (excluding VAT) x 15 / 100.
- Output VAT = Accommodation amount (excluding VAT) x 60% x 15 / 115.
- Output VAT = Accommodation amount (excluding VAT) x 60% x 15 / 100.
Question 10 of 15

10. Question
A vendor purchases a delivery truck to use as delivery in his business from a supplier outside the republic of South Africa, what will the VAT be declared as?
- Input VAT: Capital goods and / or services.
- Input VAT: Capital goods imported.
- Input VAT: Other goods and / or services.
- Input VAT: Other goods imported.
Question 11 of 15

11. Question
Which of the following vehicles can be claimed for input VAT?
- Heavy delivery vehicles.
- Double cab bakkies.
- Minibuses
- Station wagons.
Question 12 of 15

12. Question
Which of the following is an input VAT adjustment?
- Goods supplied and declared for output VAT but a credit note was issued and the goods returned.
- Goods purchased for private use and not claimed for input VAT, but now will be used for the supply of goods and / or services.
- Bad debts written off.
- All of the above
Question 13 of 15

13. Question
When using an accounting system, which of the following reconciliations should be performed?
- Reconciliation to ensure the VAT being declared on the VAT201 agrees to the VAT on the tax report, the trial balance and the VAT control account.
- Reconciliation to ensure the VAT being declared on the VAT201 agrees to the VAT on the tax report.
- Reconciliation to ensure the VAT being declared on the VAT201 agrees to the VAT the trial balance.
- Reconciliation to ensure the VAT being declared on the VAT201 agrees to the VAT on the VAT control account.
Question 14 of 15

14. Question
Which of the following is true for amendments to a previously submitted VAT201?
- There is a limit of five (5) version to revise a VAT201.
- Amendment on the VAT portion of the VAT201 are only allowed for the tax period within the last two (2) years.
- A VAT201 can no longer be amended if the VAT201 was audited and the case finalised or a correction was done by SARS.
- Input VAT can be amended to increase or decrease the amount previously declared.
Question 15 of 15

15. Question
Which of the following is requirement for the supporting documents required for a SARS audit?
- File name may be .pdf, .doc, .docx, .xls, .xlsx, .jpg and .gif.
- The maximum size is five megabytes (5MB).
- A maximum of twenty (20) files can be uploaded.
- All of the above

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Quiz – How to prepare a VAT201

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