Infinity Designs $($Pty$)$ Ltd $($InD$)$ is a company that assists homeowners in decorating their homes to bring out the true beauty and potential of their homes as well as gardens. InD is not registered as a VAT vendor.

In April $2024,$ InD decided to sell one of its second$-$hand motor vehicles. Motor SA $($Pty$)$ Ltd $($MSA$)$ is interested in purchasing the motor vehicle but is concerned that InD is not a registered VAT vendor as MSA says they will not be able to able to claim any input VAT.

Which of the following statements is correct regarding claiming input VAT on second$-$hand goods?

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i$.$ Notional input may be claimed to the extent of payment made for the goods.

ii$.$ No input VAT may be claimed regardless of whether InD is a VAT vendor or not, as the second$-$hand good is a motor car as defined.

iii.$$ MSA must complete a VAT $264$ form and retain the form for a period of $5$ years from date of sale.

iv$.$ MSA will be able to claim notional input tax on the motor vehicle as long as it is second$-$hand and not a motor car as defined.

v$.$ Notional input tax is calculated as follows: $15/115$ x higher of the purchase price of the goods or the open market value.