Bitcoin Thread

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Looking good @Snyper564 looking good, my crypto is up 15% from 4 weeks ago

Nodding meme guy' is Robert Redford, and the Internet is stunned.
 
UB40 said:
If I were to say cash out this into my FNB account how does a person work out tax? Or do I just keep quiet?
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Haha you would do a provisional return and jsut pay according to your progressive tax level
 
Would i just submit the profit/loss figures from Luno to Sars? Is that all they need?
 
Snyper564 said:
Haha you would do a provisional return and jsut pay according to your progressive tax level
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Thank you, I am aiming to save up for my brand new Suzuki Super Carry and then cash out when I have enough for it. Going to be very confusing to work out my profits on crypto when I cash out after 2 years seen as I am buying crypto once a month at different Rand values.
 
UB40 said:
Thank you, I am aiming to save up for my brand new Suzuki Super Carry and then cash out when I have enough for it. Going to be very confusing to work out my profits on crypto when I cash out after 2 years seen as I am buying crypto once a month at different Rand values.
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Ferris Cars in Sandton accepts Bitcoin to possibly bypass the payout/sars process. Unfortunately they don't have the Super Carry in stock...
 
StrongestAvenger said:
Ferris Cars in Sandton accepts Bitcoin to possibly bypass the payout/sars process. Unfortunately they don't have the Super Carry in stock...
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Thank you yes I did check for stock there as well, I don't think they will be stocking Super Carrys anytime soon either. Pity
 
Sensorei said:
You can use Centbee to purchase Pick n Pay/PS5/Airtime/Electricity/etc vouchers using crypto.
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True, but I want to cash out R177 000 and buy a brand new Suzuki Super Carry from the dealers. When will other car dealers accept crypto as a payment?
 
UB40 said:
Thank you, I am aiming to save up for my brand new Suzuki Super Carry and then cash out when I have enough for it. Going to be very confusing to work out my profits on crypto when I cash out after 2 years seen as I am buying crypto once a month at different Rand values.
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Just keep a record of all purchases and sales as that will be key when you sell. If you gonna hold for a while dont sell one anything also dont swop anything as that will trigger income tax issues.
 
Screw it. I have a millionaire friend. I will just dump the crypto into his wallet and he can pay the dealer when I go take ownership of the car. Easy as that, screw SARS
 
UB40 said:
Screw it. I have a millionaire friend. I will just dump the crypto into his wallet and he can pay the dealer when I go take ownership of the car. Easy as that, screw SARS
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Just because he's a millionaire doesn't mean he doesn't pay tax. His tax rate will probably be more than yours.

You haven't thought this through. Go back to the drawing board.
 
Snyper564 said:
also a taxable event would rather cash out and buy anywhere
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Its' untraceable. As long as you use a pre-rica'd simcard. The funds go straght from your crypto wallet to the intermediary. No KYC.

Apart from the electricity of course as it's linked to your prepaid box.
 
Adenoid Hynkel said:
Just because he's a millionaire doesn't mean he doesn't pay tax. His tax rate will probably be more than yours.

You haven't thought this through. Go back to the drawing board.
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He is 40 and sold his company for R350mill about 4 years ago, retired now, I will ask him for advice on how I buy my Suzuki Super Carry new. Thanx
 
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