- May 4, 2012
Not really. If you do day trading in currencies opening and closing balances are exactly one of the official ways to calculate it, assuming you did not do any withdrawals. The individual transactions are just supportive of your activities and not actually used to calculate it. And it's actually total disposal price less total cost. Sars should get with the program here and issue formal guidelines tot his effect with crypto as well.The calculation needed to arrive at tax has nothing to do with opening and closing balance though.
It's always disposal price less cost...calculated on individual transactions added up.
It's like if you move house halfway through the year...the calc isn't I had 1 house at start of the year, I had 1 house at end of year. Thus no tax. It just doesn't work that way...not even close. Not in stocks. Not in houses. Not in crypto
Is this official from Sars or not? You can always declare it as CG and see what happens. The law has always been about intent and not duration.My biggest problem that I discovered now was that all of my crypto will be taxed as income and not capital gains as the trading interval is not more than 3 years. That means I'm gonna be paying 45% tax!! That's really depressing.
I'm still going to see a tax consultant and see if there is something we can do about this mess. Really depressing situation