Jacaranda

It is assumed that your client is registered for vat and, secondly accounts for vat on an invoice basis.
Please be advised that in terms of the Vat Act a transaction becomes vatable at the earlier of the following:
- At the time that an invoice is issued or
- At the time of any payment is received by the supplier

The New Turnover field on IRP6 has also been built into the IRP6 return but this field is not compulsory for individual taxpayers. When completing the Turnover field please take note of the following:
• The Turnover field figure is exclusive of VAT
• Other income sources e.g. Investment Income must not be included in this field