PETER DICKS TAX ATTORNEY
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1 PETER DICKS TAX ATTORNEY
2 VAT COMPUTATION OUTPUT TAX (SALES) LESS INPUT TAX (PURCHASES) =NET TAX DUE / REFUND OUTPUT TAX COMPRISES OF: STANDARD RATED SUPPLIES -14% ZERO RATED SUPPLIES 0% EXEMPT SUPPLIES NON - SUPPLIES
3 EXAMPLES OF OUTPUT TAX Board and Lodging/Accommodation 14% / 8.4% Meals 14% Nursing Services 14% Government Subsidies - 0% Levies - Exempt Life Right Sales - Exempt Staff Accommodation - Exempt Fundraising - Exempt Donations - Non Supplies
4 INPUT TAX The classification of output tax determines the input tax consequence. Example: Input tax can be claimed when it relates to making standard or zero rated supplies. Input tax cannot be claimed when it relates to making exempt or non-supplies.
5 Therefore, the correct VAT classification of all income (ie. output tax classification) is vitally important in determining when input tax may be claimed. This classification is complex for PBO s in that PBO s generally make EVERY type of supply Standard Rate (Including accommodation) Zero Rate Exempt Non Supply This usually results in PBO s NOT CLAIMING ALL THE VAT THAT THEY ARE ENTITLED TO CLAIM as input tax
6 SOLUTION We have developed a tax methodology (or product) that ensures PBO s claim all the input VAT that they are entitled to claim AND only pay output VAT that is legally due to SARS. This tax product is called the PBO VAT REVIEW. Scope of PBO VAT Review We will review a PBO s VAT account in order to identify VAT savings. We will then claim any retrospective VAT savings from SARS. The VAT Act allows us to claim under deducted Input VAT over at least the past five years.
7 CONFIDENTIALITY Our standard engagement proposal for the PBO VAT Review contains a confidentiality clause to safeguard the interests of both ourselves and the PBO concerned.
8 COST The PBO VAT review is charged on a success (or contingent ) fee basis. Our success fee includes disbursements (eg. travelling) but excludes VAT. WIN WIN Our fee is aimed at a win win situation. If we do not achieve a VAT refund from SARS, we are not entitled to a fee or disbursements. If we achieve a VAT refund, our fee will be based on a percentage of the refund. Our fee is calculated on retrospective VAT savings only. Any prospective VAT savings are for the benefit of the PBO.
9 INCOME TAX BACKGROUND Concept of a PBO introduced - Strict rules narrowly defined trading - Non-compliance - lose tax exemption 1 April New Trading rules introduced - Concept of partial taxation of trading income introduced. - Certain trading income remains exempt from tax. - Other trading income is taxed subject to an exemption. - New rules apply to financial years commencing on or after 1 April 2006 (most PBO s 2007 financial year).
10 TAX EXEMPT TRADING INCOME (section 10(1)(cN) 1. A TRADE IS : Ø Integral and directly related to the sole or principal object of the PBO; and Ø Is carried out or conducted on a basis substantially the whole of which is directed towards the recovery of cost; and Ø Does not result in unfair competition in relation to taxable entities.
11 1.1. INTEGRAL AND DIRECTLY RELATED: Ø The trade must be directly connected, linked and associated with the approved public benefit activity which is conducted by the PBO SUBSTANTIALLY WHOLE OF THE TRADING ACTIVITY IS CONDUCTED ON A COST RECOVERY BASIS: Ø Substantially the whole not less than 85% Ø Recovery of cost goods not sold to maximise profits but rather to recover costs UNFAIR COMPETITION IN RELATION TO TAXABLE ENTITIES: Ø The PBO must not have an unfair advantage over a taxable entity. Ø Each case considered on its own merits.
12 2. OCCASIONAL TRADE: Ø The trade is of an occasional nature and undertaken substantially with assistance on a voluntary basis without compensation. 3. MINISTERIAL APPROVAL Ø The trade is approved by the Minister of Finance by notice in the Government Gazette. Ø Level of economic distortion.
13 THE TAXATION OF TRADING INCOME: Ø If none of the previous exemptions apply, Ø trading income will be subject to tax if it exceeds the greater of : - 5% of total receipts and accruals or; - R Ø Total receipts and accruals include all income such as donations, bequests and subsidies.
14 EXAMPLE FACTS: A PBO conducting retirement village PBA s operates a Garden Centre. An analysis of the gross receipts as reflected in the income statement: Board and lodging R Interest R Bequest R Letting of parking during week days R Gross receipts from Garden Centre R Annual fete R Total receipts and accruals R Determine: The basic exemption of trading income which will not be taxable.
15 Result: An amount not exceeding the greater of R or 5% of the total receipts and accruals will be exempt from tax. 5% of the total receipts of R amounts to R This means that R of total receipts and accruals derived from the taxable trading activities (parking R and R Garden Centre) will be excluded from calculating the taxable income derived from the trading activities. The total gross receipts which will be taxable amount to R (R R = R R = R ).
16 APPORTIONMENT OF EXPENDITURE Expenditure incurred in the production of trade income must be apportioned between exempt and taxable amounts. General expenditure, example administration and overhead costs must be allocated pro rata to total receipts, including donations and bequests.
17 INCOME FROM A TRUST WHERE THE PBO IS A BENEFICIARY Receipts and accruals derived from any trading activity undertaken by the Trust will constitute trading income for the PBO. Donations from the Trust will constitute exempt income. LOSSES INCURRED Where trade expenditure exceeds trade income resulting in an assess loss, this loss may be carried forward to the next tax year. Assessed losses incurred prior to 1 April 2006 may not be carried forward. RATE OF TAX Current rate of tax for a PBO is 28% on trading income, irrespective of whether the PBO is a section 21 company, trust or association.
18 VALUATION OF ASSETS FOR PURPOSES OF TAX DEPRECIATION Cost of assets used prior to 1 April 2006 must be apportioned when calculating depreciation. PROVISIONAL TAX PBO s are not liable for Provisional Tax A PBO is still liable for Income Tax upon assessment from 1 April 2006.
19 TRANSFER DUTY PBO s are liable for Transfer Duty on immovable property used for trade purposes subsequent to 1 April Value of property may be apportioned between exempt and trade use. CAPITAL GAINS TAX PBO s became liable for CGT from 1 April Assets used solely to produce income exempt from normal tax or substantially the whole of the use of the assets is used for carrying on a PBA are exempt from CGT. SARS accepts a percentage of not less than 85% in determining substantially the whole.
20 TRADE ASSETS Assets used to produce trade income will be subject to CGT upon disposal. CGT VALUATION DATE In terms of CGT law the base cost of an asset is used to determine the capital gain upon disposal of this asset. EXAMPLE: Base cost R Disposal R Capital gain R The base cost of an asset is determined at a specific date. This date is called the valuation date. For PBO s the valuation date is 1 April 2006.
21 DETERMINING BASE COST METHODS FOR DETERMINING BASE COST: Market value of asset on valuation date (1 April 2006) 20% of the proceeds from the disposal of the asset. Time apportioned base cost.
22 MARKET VALUE: It is usually beneficial to determine the market value of an asset at valuation date as this may give a better result than using the time apportionment method. A PBO may not use the market value of an asset unless it has valued the asset within 2 years of the valuation date.
23 Summary of valuation dates for PBOs in existence on 1 April 2006: Tax year ending on the last day of Valuation date Final day for completion of valuation MARCH 1 APRIL MARCH 2008 APRIL 1 MAY APRIL 2008 MAY 1 JUNE MAY 2008 JUNE 1 JULY JUNE 2008 JULY 1 AUGUST JULY 2008 AUGUST 1 SEPTEMBER AUGUST 2008 SEPTEMBER 1 OCTOBER SEPTEMBER 2008 OCTOBER 1 NOVEMBER OCTOBER 2008 NOVEMBER 1 DECEMBER NOVEMBER 2008 DECEMBER 1 JANUARY DECEMBER 2008 JANUARY 1 FEBRUARY JANUARY 2009 FEBRUARY 1 MARCH FEBRUARY 2009
24 ASSETS ACQUIRED POST 1 APRIL 2006 Valued at date of acquisition RATE OF CGT The effective rate of CGT is % (66.6% of 28%) This means that any capital gain will be taxed at %.
25 RISK : Should you have conducted a trade which is unrelated to your PBA you may be liable for Income Tax and CGT from 1 April If you have not declared your trading income from your 2007 tax return onwards you may be at risk of incurring interest and penalties.
26 CONTACT DETAILS: Peter Dicks Tax Attorney Mobile : Fax : pkdicks@icloud.com Linkedin Profile: Website:
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