Alternative Cryptocurrencies (General Discussion & Trading)

The_Mowgs said:
What if for instance you want to buy a house from someone but you ask them to open a bitcoin wallet and you pay with your coins? The government wont know...
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Transfer duty of the property deed in your name has to be paid and done by transfer attorneys. So SARS/Reserve Bank will know about this deal, and some ZAR value will have to be associated with the property. SARS will come to you and ask you where you got the funds to purchase the property. *BUSTED*
 
The_Mowgs said:
What if for instance you want to buy a house from someone but you ask them to open a bitcoin wallet and you pay with your coins? The government wont know...
Click to expand...

wakakaka

Ya, the government "won't know" when the lawyers approach SARS (as they legally have to) to get a tax clearance certificate in order to do the deeds transfer. At that point SARS certainly won't think to themselves, hmm, where did this guy get R2mil in cash to buy a house? Heck, they could at that point simply look at the offer to purchase which would surely stipulate terms and conditions of how/when payment is to be made given that you are opting for something way out of the norm.

I've said it before, it seems it needs to be said again. You can quite likely get away with small amounts here and there (like credit card spend on month to month items), but don't fool yourself and think you can get away with anything substantial in the long term, especially if you're buying a house of all things which is SARS favourite time to catch people out because it is so stupidly easy when the monetary amounts become that large.
 
Archer said:
wakakaka

Ya, the government "won't know" when the lawyers approach SARS (as they legally have to) to get a tax clearance certificate in order to do the deeds transfer. At that point SARS certainly won't think to themselves, hmm, where did this guy get R2mil in cash to buy a house? Heck, they could at that point simply look at the offer to purchase which would surely stipulate terms and conditions of how/when payment is to be made given that you are opting for something way out of the norm.

I've said it before, it seems it needs to be said again. You can quite likely get away with small amounts here and there (like credit card spend on month to month items), but don't fool yourself and think you can get away with anything substantial in the long term, especially if you're buying a house of all things which is SARS favourite time to catch people out because it is so stupidly easy when the monetary amounts become that large.
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Yeah, this...

Apparently SARS is working on something that will be announced in the next few months. I really hope it is friendly towards taxing crypto-profits. I do not want to lose sleep about taxes and SARS. I will pay my taxes - but hoping beyond hope that they will cut us some slack in the next financial year...
 
Archer said:
wakakaka

Ya, the government "won't know" when the lawyers approach SARS (as they legally have to) to get a tax clearance certificate in order to do the deeds transfer. At that point SARS certainly won't think to themselves, hmm, where did this guy get R2mil in cash to buy a house? Heck, they could at that point simply look at the offer to purchase which would surely stipulate terms and conditions of how/when payment is to be made given that you are opting for something way out of the norm.

I've said it before, it seems it needs to be said again. You can quite likely get away with small amounts here and there (like credit card spend on month to month items), but don't fool yourself and think you can get away with anything substantial in the long term, especially if you're buying a house of all things which is SARS favourite time to catch people out because it is so stupidly easy when the monetary amounts become that large.
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Dont know if you stepped in dog s hit and thats why you are laughing by I was just asking a question
 
Looks like we are switching back to green shortly
 
balrog said:
Basically, if your INTENT was speculation - pay tax at your income tax rate. If you bought and kept then sold later, then you might be able to get away with Capital Gains Tax.

I can see a lot of people will rather hide their gains than declare it at their normal income tax rate. SARS needs to come to the party and tax crypto gains at a much lower rate. Then people will gladly declare and pay their taxes on crypto gains. If they make it high, people will try and get away without paying tax. SARS will get more tax if the crypto gains tax is low, than trying to fleece traders with a high rate. If only our government could grow a few brain cells!!!
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Why would they? I mean, why would they want to loose out on these easy earnings?
 
Does anyone hold namecoin ? If so, What potential do you see? I'm in 2 minds if it has potential. I was thinking of picking up some on ATC since they cheap (just for the hell of it)
I see wallets are also scarce besides the official one.
 
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