Bitcoin Thread

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does anybody know how luno is going to handle the whole tax situation with SARS?

I mean I have no idea how much I have transferred through them, and what I might be liable for?

have they published any guidelines?
 
Countcrypto said:
Yes , I just saw that. It went absolutely insane there for a few moments. Care to explain what that was about ?

Boom! Monster candle there.
Click to expand...

could be a number of scenarios --

large market buy by whale
large short position closed by whale
bot manipulation to liquidate shorts
 
eg2505 said:
does anybody know how luno is going to handle the whole tax situation with SARS?

I mean I have no idea how much I have transferred through them, and what I might be liable for?

have they published any guidelines?
Click to expand...

when you say transferred are you referring to Forex payments>
 
eg2505 said:
does anybody know how luno is going to handle the whole tax situation with SARS?
Click to expand...
Similar boat.
Going to have to sit down at some point and start figuring out where to start with tax etc. Gonna give it a few weeks / months - let SARS get more details ironed out.
 
eg2505 said:
does anybody know how luno is going to handle the whole tax situation with SARS?

I mean I have no idea how much I have transferred through them, and what I might be liable for?

have they published any guidelines?
Click to expand...

You should be able to trace what you've put in from your bank statements/online banking. The reference when depositing is always the same. Once you have that I would just keep track of it on the side.

I don't think there is a need to declare unless you've withdrawn in cash from the exchange to your bank account.
 
eg2505 said:
no, standard ZAR payments to my local SA account,
Im on LVL 2 verified, so 50 K limit for me.
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you will be liable for any gains - if you transferred 50k in and 50k out shouldn't matter.

if 50k went out and 100k in for example - there will be tax implication
 
SaiyanZ said:
You should be able to trace what you've put in from your bank statements/online banking. The reference when depositing is always the same. Once you have that I would just keep track of it on the side.

I don't think there is a need to declare unless you've withdrawn in cash from the exchange to your bank account.
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this -- only worry if more has gone into your bank account than what left

until the regulation state otherwise of-course ;)
 
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pesky sell wall of 2000 btc... must fall!!!!


Edit -- aaaaaannnnn its gone!!!
 
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*SynergyX* said:
pesky sell wall of 2000 btc... must fall!!!!


Edit -- aaaaaannnnn its gone!!!
Click to expand...

It will be back. Whale(s) have been offloading thousands of BTC in the last week in the $6.7k to $7.1K region. Not sure whether they plan on getting back in at some point. If they do, BTC is going to take off like a rocket when we touch the bottom.
 
I see a lot of 'its gonna fall' talk around the webs... but I'm thinking up up;)
 
Temujin said:
I see a lot of 'its gonna fall' talk around the webs... but I'm thinking up up;)
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I think we will go down but much more slowly than anticipated. With the amount of people jumping on the shorting bandwagon the price will go down and bounce/hold a little each time because people will be closing their shorts and taking profit all the way down. So I expect a lot more sideways movement and mini squeezes like we have now.

The big movements up we've had recently doesn't look like it's due to people buying. Looks like it's mostly due to shorts closing (stop losses triggered) because the price falls back after it spikes almost immediately.
 
eg2505 said:
does anybody know how luno is going to handle the whole tax situation with SARS?

I mean I have no idea how much I have transferred through them, and what I might be liable for?

have they published any guidelines?
Click to expand...
They aren't, just as SARS isn't publishing any guidelines or regulations. If you want to be fully tax compliant it's last selling price during the tax year minus last buying price during previous years. But there's still a problem if you don't buy and sell everything with both of these transactions.
 
Happens every time the price hovers around a point. Traders seem to have wisened up to the fact it doesn't move so it's trading at an average lately.
 
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