Some examples from this set of practice questions
1.
VAT input is a liability. 1. True 2. False
Answer: False. VAT input is the amount claimed back from SARS by a VAT vendor for payment made on purchased/manufactured goods used to make taxable supplies. Therefore, it is an asset.
2.
A person who carries on an enterprise making taxable supplies in the previous 12 months of R60 000 can register for VAT. 1. True 2. False
Answer: True. Every person may register for VAT if: • Carrying on any enterprise; • Total value of taxable supplies; • In the previous or following 12 months; • Exceeds R50 000.
3.
VAT registration is done on a VAT 201 form. 1. True 2. False
Answer: False. VAT registration is done on a VAT 101 form. A VAT 201 form is submitted to SARS to declare the VAT input or output for every tax period.
4.
Interest on overdraft is classified as the following VAT supply category: 1. Standard-rated 2. Zero-rated 3. Exempt 4. Non-allowable 5. Cash basis
Answer: 3. Exempt supply
5.
Diesel is classified as the following VAT supply category: 1. Standard-rated 2. Zero-rated 3. Exempt 4. Non-allowable 5. Cash basis
Answer: 2. Zero-rated supply
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