Bitcoin Thread

[Speedster]

Well, my stuff in a Luno account. (As a Staff member I pay zero fees) - when I get to the other side, I was just going to change country on the app to UK - provide details. Link to new UK account and cash out if need be.

Just hope SARS doesn't come knocking for their exit tax

 

[UB40]

Just hope SARS doesn't come knocking for their exit tax

He should be fine by then if all goes well. Might have to burn his RSA passport when he gets there, otherwise if he comes back to RSA on holiday they might nab him at OR Tambo and throw him in a cell

 

[Priapus]

He should be fine by then if all goes well. Might have to burn his RSA passport when he gets there, otherwise if he comes back to RSA on holiday they might nab him at OR Tambo and throw him in a cell

They only want their pound of flesh if I cash out, right? I don't plan on doing that for many years to come.

 

[Speedster]

They only want their pound of flesh if I cash out, right? I don't plan on doing that for many years to come.

Unfortunately not. There is a deemed disposal on the day before you cease tax residency and then CGT is levied accordingly.

 

[UB40]

I will never cash out into my FNB account. SARS will go mental. I will rather stay under the radar and buy from shops that offer bitcoin as a payment, like Takealot for example

8 Bitcoin accepting stores in South Africa – ☑️ (2025)

A must-read Bitcoin-accepting stores in South Africa reviewed. View all the pros and cons of the listed stores accepting bitcoin and more.

sashares.co.za

 

[L-Dog]

I will never cash out into my FNB account. SARS will go mental. I will rather stay under the radar and buy from shops that offer bitcoin as a payment, like Takealot for example

8 Bitcoin accepting stores in South Africa – ☑️ (2025)

A must-read Bitcoin-accepting stores in South Africa reviewed. View all the pros and cons of the listed stores accepting bitcoin and more.

sashares.co.za

How do you buy on takealot ? Ever tried it?

 

[UB40]

How do you buy on takealot ? Ever tried it?

No I haven't. I was using Takealot as an example.

 

[L-Dog]

No I haven't. I was using Takealot as an example.

Yeah I see teh site menstions takealot but not lots of info also can't find the option on takealot

 

[Bunta]

Question on this cashing out discussion.
When you create an account on an exchange, you verify your bank details.
I recall vaguely one of the exchanges saying that cash payouts may only be into the bank account that the cash came from. Is this still the case or can one change bank details?

 

[UB40]

Question on this cashing out discussion.
When you create an account on an exchange, you verify your bank details.
I recall vaguely one of the exchanges saying that cash payouts may only be into the bank account that the cash came from. Is this still the case or can one change bank details?

Sounds legit to me, otherwise it sounds like money laundering. I have yet to cash out so also keen to know the answer. @Dan C

 

[Speedster]

Question on this cashing out discussion.
When you create an account on an exchange, you verify your bank details.
I recall vaguely one of the exchanges saying that cash payouts may only be into the bank account that the cash came from. Is this still the case or can one change bank details?

You can change bank details, but it has to be a bank account held in your name.

 

[UB40]

You can change bank details, but it has to be a bank account held in your name.

And I assume there is a section on the IRP5 where you declare profits?

 

[Speedster]

And I assume there is a section on the IRP5 where you declare profits?

IRP5 is your tax certificate issued by your employer. Crypto should not be anywhere near that.

You do however declare your crypto profits on your tax return (ITR12)

 

[UB40]

IRP5 is your tax certificate issued by your employer. Crypto should not be anywhere near that.

You do however declare your crypto profits on your tax return (ITR12)

My bad, I meant the ITR12 form. Thank you

 

[UB40]

Thanx, I found this online regarding SARS and taxes on Crypto. Do the right thing @Iamn0tageek https://www.sars.gov.za/individuals/crypto-assets-tax/

 

[Dan C]

And I assume there is a section on the IRP5 where you declare profits?

I hardly cash out, so no need to declare anything. I mostly spend it on overseas transactions/subs. Anyhow, very difficult to tell what profits you actually made.

 

[Iamn0tageek]

Thanx, I found this online regarding SARS and taxes on Crypto. Do the right thing @Iamn0tageek https://www.sars.gov.za/individuals/crypto-assets-tax/

Not a problem.

I pay my taxes, as much as I hate it.

 

[NarrowBandFtw]

Link to new UK account and cash out if need be.

if your destination is UK you're going to want to brush up on how much of the UK's new crypto shackles an exchange has implemented, might not be as easy as in other countries:

Cryptocurrency: UK's New Financial Promotions Regime

Binance and OKX, have embarked on measures to adhere to the United Kingdom's new Financial Promotions (FinProm) Regime.

www.financemagnates.com

 

[gustavo07]

So we have an ETF approval early Jan 2024, interest rate cuts in 2024, the halving in April 2024 and elections in November 2024... Yet you still expect prices to go lower... God bless your soul sweet summer child.

Best pray for a black swan of some sort

 

[Snyper564]

So we have an ETF approval early Jan 2024, interest rate cuts in 2024, the halving in April 2024 and elections in November 2024... Yet you still expect prices to go lower... God bless your soul sweet summer child.

Best pray for a black swan of some sort

When we dipped under 20k I said I think thats the last time it will happen again in our lifetime. I have no doubt thats the case still