VAT input on property purchased

[mango]

Good day everyone,

I need some help please.

We are a cc and we bought a property to be used as offices. Please could someone help me and explain if we and how we could claim input VAT on this
office bought?

The following applies:

- Bought the office building for R 3 850 000.00
- Paid Transfer duty via attorneys R 135 000.00
- Total cost R 3 985 000.00

We are VAT registered and the seller was not (natural person).

As I understand we can claim input VAT on the property.

Please could someone shed some light as I don't want to make a mistake with this

[mango]

Morning,

Anyone here that can help me please.

[Andromeda]

As far as I know notional input tax 15/115 can be claimed by the registered purchaser as input VAT.

See page 22 of the attachment. Perhaps read the whole thing.LAPD-VAT-G03 - VAT 409 Guide for Fixed Property and Construction (1).pdf

[mango]

Thank you ! Its much appreciated !

[Francois_za]

Hi Mango,

It all depends on the conditions as far as I know Andromeda is correct depending on the details, notional input tax on secondhand goods can apply in certain circumstances, but I believe since there was transfer duty this changes the situation, before submitting contact your accountant as SARS will most likely select that return for verification