Results 1 to 5 of 5

Thread: VAT input on property purchased

  1. #1
    Full Member
    Join Date
    Mar 2014
    Location
    Cape town
    Posts
    47
    Thanks
    16
    Thanked 1 Time in 1 Post

    VAT input on property purchased

    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

  2. #2
    Full Member
    Join Date
    Mar 2014
    Location
    Cape town
    Posts
    47
    Thanks
    16
    Thanked 1 Time in 1 Post
    Morning,

    Anyone here that can help me please.

  3. #3
    Silver Member
    Join Date
    Feb 2016
    Location
    Johannesburg
    Posts
    457
    Thanks
    29
    Thanked 128 Times in 115 Posts
    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
    Last edited by Andromeda; 14-Jan-20 at 11:03 AM. Reason: Clarification

  4. Thanks given for this post:

    mango (14-Jan-20)

  5. #4
    Full Member
    Join Date
    Mar 2014
    Location
    Cape town
    Posts
    47
    Thanks
    16
    Thanked 1 Time in 1 Post
    Thank you ! Its much appreciated !

  6. #5
    Junior Member
    Join Date
    Jan 2020
    Location
    Cape Town
    Posts
    13
    Thanks
    4
    Thanked 2 Times in 2 Posts
    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

Similar Threads

  1. [Question] Property purchased in business name - entries & VAt
    By Raeesah in forum Accounting Forum
    Replies: 0
    Last Post: 14-Sep-18, 04:07 PM
  2. [Question] Vehicle purchased in 2015 not accounted for in books
    By Raeesah in forum Accounting Forum
    Replies: 0
    Last Post: 07-Aug-17, 01:56 PM
  3. [Question] Company property purchased under director name
    By prineesha in forum Accounting Forum
    Replies: 2
    Last Post: 02-Oct-15, 07:17 AM
  4. [Question] New Tractor purchased on HP: Posting it correctly on Pastel
    By Juasmu in forum Accounting Forum
    Replies: 1
    Last Post: 15-Aug-13, 11:18 AM
  5. Replies: 8
    Last Post: 05-May-12, 07:14 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •