Bitcoin and SARS

[Thor]

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)

 

[Jet-Fighter7700]

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

 

[Thor]

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

Assume one has not signed up with a SARS document...

 

[Gtx Gaming]

Assume one has not signed up with a SARS document...

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.

 

[Jet-Fighter7700]

Assume one has not signed up with a SARS document...

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,

 

[Gtx Gaming]

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,

There is a BTC ATM in JHB ,you can withdraw cash directly from your BTC account.

 

[Jet-Fighter7700]

There is a BTC ATM in JHB ,you can withdraw cash directly from your BTC account.

where? never saw one ever in JHB.

 

[Gtx Gaming]

where? never saw one ever in JHB.

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.

 

[Jet-Fighter7700]

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.

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....

 

[AchmatK]

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.

 

[Jet-Fighter7700]

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.

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

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

 

[AchmatK]

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

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

It still has to be declared on your tax return irrespective how you end up accessing it.

 

[savage]

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...

 

[Thor]

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...

That's what I thought so they can fly a kite or upgrade their java and get with the times.

 

[AirWolf]

SARS is no longer the efficient beast it once was.

 

[Thor]

SARS is no longer the efficient beast it once was.

It's still a beast I would rather not take for a Margaret.

 

[selby]

SARS is no longer the efficient beast it once was.

They looking to charge Gordhan

 

[Thor]

They looking to charge Gordhan

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.

 

[Thor]

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

 

[Ianvn]

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

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.