TAX FAQ: VAT Treatment of a PBO’s Aircraft Rental and Insurance Payouts
Wildlife conservation efforts often rely on specialized equipment, including aircraft, to protect endangered species and monitor vast landscapes. But when a Public Benefit Organization (PBO) owns an aircraft and rents it out for conservation purposes, how does this impact tax and VAT obligations?
A recent case involving a PBO in South Africa raised important tax questions:
Is income from hiring out the aircraft exempt from tax?
Should VAT be declared on an insurance payout after the aircraft was written off?
This article breaks down the tax treatment of PBO aircraft rental and insurance claims, ensuring compliance while supporting conservation efforts.
Tax FAQ: VAT Implications on the Sale of Property by a Liquidated Entity
When selling a business, VAT can be tricky! Does your sale qualify for zero-rating under the VAT Act, or will SARS demand 15% VAT? This article unpacks the key conditions for zero-rating, explains common pitfalls, and helps tax practitioners and accountants ensure compliance. Don’t risk unexpected VAT bills—know the rules before you assist your clients.
Tax FAQ: Confirming Non-Resident Tax Status by SARS
Have you ever wondered how to confirm non-residency status with SARS? Read our article and follow the step by step process when reporting non-resident status with additional tips on what to look out for when submitting documents.
Tax FAQ: Claiming VAT Input on Second-Hand Goods and Fixed Property Transactions
Learn how VAT and transfer duty work in property sales and when businesses can claim input VAT on properties bought from non-VAT-registered sellers. This article explains the rules in simple terms and includes an easy example to guide you.