SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Calculate and record value added tax transactions

SAQA US ID	UNIT STANDARD TITLE
117424	Calculate and record value added tax transactions
ORIGINATOR
SGB GET & FET Business, Commerce and Mngment Stud
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 3	NQF Level 03	5
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2024-06-30		2027-06-30

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard does not replace any other unit standard and is not replaced by any other unit standard.

PURPOSE OF THE UNIT STANDARD

Learners accredited with this unit standard will be able to calculate and record Value Added Tax transactions.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

Accounting NQF level 2

Communication at NQF Level 2

Mathematical Literacy at NQF Level 2

UNIT STANDARD RANGE

A person may exhibit this competence in the private and/ or the public sector. VAT returns.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Define and identify VAT concepts.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Define value-added tax (VAT)

ASSESSMENT CRITERION 2

Define input and output tax

ASSESSMENT CRITERION 3

Define and identify various VAT rates

ASSESSMENT CRITERION RANGE

Current rate, zero rate and exempt

SPECIFIC OUTCOME 2

Calculate VAT on basic transactions.

OUTCOME RANGE

Purchase and sale of goods, petrol, stationery, refreshments, telephone, general operating transactions

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

VAT calculations are correctly applied for basic transactions which are exclusive of VAT

ASSESSMENT CRITERION RANGE

Not zero rate or exempt

ASSESSMENT CRITERION 2

VAT calculations are correctly applied for basic transactions which are inclusive of VAT

ASSESSMENT CRITERION 3

Calculate VAT correctly taking trade discounts into account

SPECIFIC OUTCOME 3

Record VAT on basic transactions.

OUTCOME RANGE

Purchase and sale of goods, petrol, stationery, refreshments, telephone, general operating transactions.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

VAT received and paid is recorded in the appropriate journals and books

ASSESSMENT CRITERION RANGE

Cash Receipts and Cash Payment Journals/Cash Book, Petty Cash Journal/Petty Cash Book, Debtor/Sales and Creditor/Purchases Journals, Debtors Allowances/Sales Returns and Creditors Allowances/Purchases returns Journals

ASSESSMENT CRITERION 2

Totals are posted to the VAT control account

ASSESSMENT CRITERION 3

VAT control account is balanced to determine the VAT payable/receivable amount

ASSESSMENT CRITERION 4

Discrepancies are investigated and rectified

SPECIFIC OUTCOME 4

Complete relevant documentation for the receiver of revenue.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

SARS return form for VAT is correctly identified and completed according to SARS requirements

ASSESSMENT CRITERION 2

Requisition for total payment due to SARS is completed and authorised if applicable

ASSESSMENT CRITERION 3

Completed form and payment (if applicable) is forwarded to SARS by due date

ASSESSMENT CRITERION 4

Documents are filed according to business policy and accounting practice

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.

Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA

Any institution offering learning that will enable achievement of this Unit Standard or assessing this Unit Standard must be accredited as a provider with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA

Moderation of assessment will be conducted by the relevant ETQA at its discretion.

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE

A demonstrated understanding of:

The Business Environment

Accounting techniques

The organisation

Reports and returns

Administration of VAT

UNIT STANDARD DEVELOPMENTAL OUTCOME

Be culturally and aesthetically sensitive across a range of social contexts

UNIT STANDARD LINKAGES

N/A

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made.

UNIT STANDARD CCFO ORGANISING

Organise and manage oneself and one's activities responsibly and effectively.

UNIT STANDARD CCFO COLLECTING

Collect, organise and critically evaluate information.

UNIT STANDARD CCFO COMMUNICATING

Communicate effectively using visual, mathematical and language skills in the modes of oral and written presentations.

UNIT STANDARD CCFO SCIENCE

Use science and technology effectively and critically (showing responsibility towards the environment and health of others).

UNIT STANDARD CCFO DEMONSTRATING

Demonstrate an understanding of the world as a set of related systems.

UNIT STANDARD ASSESSOR CRITERIA

N/A

REREGISTRATION HISTORY

As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015.

UNIT STANDARD NOTES

Legal Requirements:

Basic law and practice relating to

Registration requirements

Form of VAT invoices

SARS requirements

Terminology:

GAAP - Generally Accepted Accounting Practices

GRAP - Generally Recognised Accounting Practices

SARS - South African Revenue Services

VAT - Value Added Tax

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	58375	National Certificate: Bookkeeping	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	FASSET
Elective	49089	National Certificate: Financial Services	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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