Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 1 October 2 0 2 3 , Sparkle and Shine made a sale of a wedding dress to a bride for R 2 3
On October Sparkle and Shine made a sale of a wedding dress to a bride for Rincluding VAT However, due to an error by the sales assistant, the card machine was charged R during the payment process. Upon discovering the mistake a few days later, Sparkle and Shine's bookkeeper promptly attempted to contact the bride to obtain her banking details for a refund. Unfortunately, despite several attempts, the bride could not be reached, likely due to changed contact information or other unforeseen circumstances.
REQUIRED: With reference to note the excess payment received, discuss all the VAT consequences for Sparkle and Shine Pty Ltd Your discussion should include the value and timing rules with a clear explanation and reference to the VAT Act to support your answer. Clearly distinguish between output tax and input tax. marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started