Alternative Cryptocurrencies (General Discussion & Trading)

Speaking about tax.. has anyone paid tax on crpto profits before. I need to last year and this year. Haven't yet filed my last two returns. not sure what to do about crypto profits. If i declare my profits as a capital gain, do I need to lodge proof or something? I sold all my BTC and Eth yesterday, after which I am very nervous.It was a BIG amount!
 
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saor said:
Bittrex, hitbtc, binance, coinexchange & cryptopia. Yeah it's more than I'd like, but those smaller exchanges allow you to get in early on a coin before they hit the bigger exchanges and the price goes up. Smaller sites with less volume (like cryptopia) are nice for picking up newer coins for long-term holds, the larger sites (bittrex) are nice for trading.
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Cryptopia registration paused. Bleh
 
Mike Hoxbig said:
CGT is much less than that?
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I think this was discussed previously in this thread. IIRC, you can make a profit of up to R40k without having to pay additional tax. After that, you pay 40% tax.

Natas said:
Speaking about tax.. has anyone paid tax on crpto profits before. I need to last year and this year. Haven't yet filed my last two returns. not sure what to do about crypto profits. If i declare my profits as a capital gain, do I need to lodge proof or something? I sold all my BTC and Eth yesterday, after which I am very nervous.It was a BIG amount!
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At the moment, SARS relies on people voluntary disclosing how much they made on crypto-currency.

https://www.moneyweb.co.za/mymoney/moneyweb-tax/yes-sars-wants-to-track-your-bitcoin-trades/

Financial institutions like banks are required to supply Sars with information on the investments of their clients for verification purposes, but in a crypto environment where such information is lacking, Sars may have to trust that a taxpayer made honest declarations with regard to crypto gains.
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“At the moment, we are treating cryptocurrency in the same way as capital realisation – so in other words, it is like a Krugerrand. If you buy it at a particular point and you then sell it, you will be faced with a capital appreciation and then we will treat it as Capital Gains Tax.”
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I think there is a misconception about CGT.

Correct me if I am wrong, but I do not believe you get charged 40% tax.

I am sure it is 40% of the Capital Gain(less exclusion) that is added to your taxable income, to be taxed at your normal income tax rates.

So if you made 100k profit on BTC, less 40k exclusion, you are left with a capital gain of 60k. You do not get charged 40% tax on 60k. You add 40% of 60k to your taxable income total for the year.
 
Gory51 said:
I think there is a misconception about CGT.

Correct me if I am wrong, but I do not believe you get charged 40% tax.

I am sure it is 40% of the Capital Gain(less exclusion) that is added to your taxable income, to be taxed at your normal income tax rates.

So if you made 100k profit on BTC, less 40k exclusion, you are left with a capital gain of 60k. You do not get charged 40% tax on 60k. You add 40% of 60k to your taxable income total for the year.
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Yebo, this was discussed in the bitcoin thread > https://mybroadband.co.za/vb/showth...oin-Thread?p=20776168&viewfull=1#post20776168

There is also a download link in post #5370 within that thread related to CGT ;)
 
Anyone backed up a NEO wallet and try to restore it on a new device? I made a backup last year, got a new phone but cant seem to restore it.

I select restore, navigate to the file but then nothing.

I still have the old device though.
 
The_Mowgs said:
Anyone backed up a NEO wallet and try to restore it on a new device? I made a backup last year, got a new phone but cant seem to restore it.

I select restore, navigate to the file but then nothing.

I still have the old device though.
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Off topic but think neo can reach 500 usd this year. Some nice projects running on neo.
 
lunch said:
Cheers, that laid it out nicely. So the tl'dr is as soon as you exceed 40k you pay cgt on the excess, which is 40%.
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Do you have to declare it to sars if you below the 40k threshold?
 
Did anyone buy into Rimbit? It is going up nicely, however I saw a you tube video warning against it. Does anyone know about it?
 
There's been a load of random stuff on CMC's gainers and losers the past few days.

Inviter said:
Did anyone buy into Rimbit? It is going up nicely, however I saw a you tube video warning against it. Does anyone know about it?
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Nope.
What is it?
 
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