Bitcoin and SARS

Thor

Thor

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Hello,

How is TAX and bitcoin handled, assume one has a BitX account and assume one has 100K in bitcoins and only buy and sell from that account.


(Side note if you have a www.bitx.co account this is my promo code -> QMVSZ)
 
this is where it gets interesting,

if you signed up with bitx.co with your sars documents, you can sell and buy BTC with ZAR and SARS already has your details.
Id assume it dealt with like any other income,

but as its BTC, who says you have to sell it in our pathetic currency:p
 
eg2505 said:
this is where it gets interesting,

if you signed up with bitx.co with your sars documents, you can sell and buy BTC with ZAR and SARS already has your details.
Id assume it dealt with like any other income,

but as its BTC, who says you have to sell it in our pathetic currency:p
Click to expand...

Assume one has not signed up with a SARS document...
 
Thor187 said:
Assume one has not signed up with a SARS document...
Click to expand...

Nope no documents was signed when I signed up.

BITX also does not report any info to SARS ,says so somewhere in FAQ. Expect for there profits as a legal company ,as they charge fees.
 
eg2505 said:
then your limited to R5K on selling into ZAR, so if you have 100K, fly to the US and swap it there....

get such a better rate, this is BTC main strength,
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There is a BTC ATM in JHB ,you can withdraw cash directly from your BTC account.
 
eg2505 said:
where? never saw one ever in JHB.
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The first Bitcoin ATM has hit the streets of Johannesburg. Rolf Deppe and business partner, Monre Botes, are the geniuses who decided to run the Lamassu Bitcoin vending machine from the new Metroman salon situated in Kyalami, Midrand. This will be the next step to tweak the interests of all hipsters for a face to face experience of Bitcoin currencies.
 
Gtx Gaming said:
The first Bitcoin ATM has hit the streets of Johannesburg. Rolf Deppe and business partner, Monre Botes, are the geniuses who decided to run the Lamassu Bitcoin vending machine from the new Metroman salon situated in Kyalami, Midrand. This will be the next step to tweak the interests of all hipsters for a face to face experience of Bitcoin currencies.
Click to expand...

sure there is a "commission" on sales, even bitx.co has one, its about R18 per transaction,

never knew about that ATM, would have been cool to use it, if it still exists....
 
There are tax implications as Income Tax is not dependent on currency but value derived from trading in BTC.

I assisted someone on MyBB with their tax return this year and they had a bitcoin account. For tax purposes, everything gets converted to a Rand value irrespective in what currency the item is held.
 
signates said:
There are tax implications as Income Tax is not dependent on currency but value derived from trading in BTC.

I assisted someone on MyBB with their tax return this year and they had a bitcoin account. For tax purposes, everything gets converted to a Rand value irrespective in what currency the item is held.
Click to expand...

again, if you registered:p and you try to sell said BTC into ZAR.

much easier to convert it to US$ and go on vacation overseas on it...
 
eg2505 said:
again, if you registered:p and you try to sell said BTC into ZAR.

much easier to convert it to US$ and go on vacation overseas on it...
Click to expand...


It still has to be declared on your tax return irrespective how you end up accessing it.
 
SARS and foreign currency is a PITA, full stop.

I am currently sitting with huge issues with them with VAT and foreign currency too. They are simply not setup to handle it from their side...
 
savage said:
SARS and foreign currency is a PITA, full stop.

I am currently sitting with huge issues with them with VAT and foreign currency too. They are simply not setup to handle it from their side...
Click to expand...

That's what I thought so they can fly a kite or upgrade their java and get with the times.
 
selby said:
They looking to charge Gordhan :(
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In the case that they do....

The zar would die as gordhan is the only man the market trusts, that plus Yellen who's speach today can kick the zar 30 cents either way is going to make for an interesting end of day.
 
I am seriously concidering putting my spare money into bitcoin instead of leaving it in the bank the 2 bitcoins I bought at 8300 has made quite a climb to the current 9100 level far more than I will get at a bank.

What do you guys think of using bitcoins as a way to "park" money since leaving it in the bank means weakens from day 1
 
Thor187 said:
I am seriously concidering putting my spare money into bitcoin instead of leaving it in the bank the 2 bitcoins I bought at 8300 has made quite a climb to the current 9100 level far more than I will get at a bank.

What do you guys think of using bitcoins as a way to "park" money since leaving it in the bank means weakens from day 1
Click to expand...

Bitcoins might be on a good run now. It's actually stayed at the 8k+ range for a few months now.
But in a week from now your 2 bitcoins might be worth R5000 each as well.
All it takes is one more big hack or an exchange declaring bankruptcy.

It's just to unpredictable for me to leave a big amount of money invested in it for to long.
 
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