I was busy capturing my Telkom account and noticed that the VAT amount seems to be incorrect.
This is the breakdown as per the bill:
Amount = R294.97
VAT = R41.29
Total = R336.26
Now to me R294.97*0.14 = R41.2958, which should be rounded up to R41.30, which is also the way my accounting package (QuickBooks) calculates it.
Does SARS allow for VAT amounts to always be rounded down? Or is this an error with Telkom's billing system? And in terms of accounting, should it be captured exactly as it is on the bill, or with the "correct" amount?