Nov 26, 2015
ShareIf you don't lodge or pay your return on time, penalties are generated automatically by the system which results in failure to lodge. There will be a late lodgment penalty of 25% with a late payment penalty of 20%, and an additional 5% penalty for every month of default. When accounting for VAT registration at the time of supply, this will depend on whether you have completed your VAT registration on a cash or accrual basis. On a cash basis, the time of supply is when you receive or pay cash. But on an accrual basis, the general rule at the time of supply following a tax invoice is issued by the supplier or any payment received by the supplier; when delivery of goods takes place. For example, if an invoice is issued for purchase and payments are to be made within 30 days, the date of supply will be the date of the invoice and note the payment date.
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