Question $1[30$ Marks$]$ Swift Traders Ltd is a resident of the Republic. It carries on business as a retailer from its head office in South Africa. It also operates a deport in Harare, Zimbabwe, from where sales are made to customers living in Zimbabwe. This deport in Zimbabwe is not regarded as an independent branch. Swift Traders Ltd is registered as a $$Category A$$ vendor. The following amounts include VAT, when applicable:

Receipts and accruals

July

August

September

R

R

R

Cash sales of merchandise to $$local$$ customers from South Africa head office

$160600$

$196650$

$174534$

Payment received in advance from a $$local$$ customer for goods delivered and invoiced on only $6$ October $2022$

$5175$

$18240$

Cash sales from the depot in Zimbabwe to Zimbabwean customers. These goods were forwarded to the depot on $15$ July $2022$ and were all sold by $31$ October $2022.$

$15400$

$16500$

$23100$

Indemnity award received on an insurance claim for trading stock stolen in transit to a $$local$$ customer.

$38874$

Interest earned on a loan to a subsidiary company in South Africa.

$12000$

Expenditure

Salaries

$46200$

$41800$

$47300$

Rates on the business property

$495$

$495$

$495$

Electricity and water

$693$

$695$

$673$

Telephone

$352$

$479$

$331$

Purchase of trading stock

$88000$

$82080$

$94620$

Cost of entertaining important customers at various restaurants in Johannesburg

$6600$

Purchase of new delivery vehicle

$.$ Cash cost.

$.$ Finance chargers paid

$205200$

$5500$

Purchase of new motor car. Its use has been given to the sales manager as a fringe benefit from $1$ September $2022($all costs relating to this motor car will be paid by Swift Traders Ltd$).$

$239400$

Petrol for delivery vehicles and the sales manager$$s motor car

$605$

$660$

$737$

Maintenance of delivery vehicles and sales manager$$s motor car

$715$

$1472$

$570$

YOU ARE REQUIRED to calculate the VAT payable by$,$ or refundable to$,$ Swift Traders Ltd for its latest VAT period $($August September $2022).$