VAT calculation on eFiling Submission

[ultramel123]

Hi

I am starting out with VAT submissions, and am struggling to figure out the calculation on the SARS efiling form (VAT201)

Under the "output tax" section, is the amount for "standard rate excluding capital goods, etc") - this is figure (1).
Then after this to right of the form, they have "X r/100 /r - followed by another "space" for the amount. (figure 4)

These amounts were already calculated via eFiling - I would just like to know how they get to this figure?

Any help would be greatly appreciated please :-)

Thank you

[Justloadit]

I have not done eFilling, as my auditor does it for me, but in the past I used to manually fill in the Vat forms. I am sure that eFilling would follow similar lines.

The Output tax figure, is the amount invoiced, including VAT. lets say it is R1,140.00
The section for output tax is then the calculated VAT figure using the formula 'X= (O x r)/(r+100)', where O = Amount invoice including VAT, and r = VAT rate which currently is 14%
so 1140 x 14 = 15960, now 15960/114 = 140, which is the Output VAT of R140.00

[Dave A]

When it comes to output VAT, the only figure you can input is the gross turnover including VAT. From there the script calculates the VAT portion (gross / 114 * 14 = VAT).