Crypto mining tax

[w1z4rd]

I am currently mining ETH and dont know how to do the tax for this. Do I only get taxed when I convert to rands? Or how would I calculate how much tax to pay on what I am mining? I know most people dont worry about this, but I want to scale what I have and I need it to be tax compliant. I dont intend converting a lot to rands.

The only thing I could find online was this:

16.Is crypto asset mining allowed in South Africa?
Yes. The proceeds of such activity are, however, subject to relevant tax and exchange control regulations and legislation

http://www.treasury.gov.za/comm_media/press/2021/IFWG_CAR%20WG_Crypto%20assets%20FAQs_Final.pdf

But I dont know what tax and exchange control regulations I have to comply with.

 

[Dimpie (JIGSAW)]

This is an article from back in May ... Give it a read, maybe it helps ?

Cryptocurrency tax in South Africa

If you are doing anything with cryptocurrency other than buying and holding it, there are tax implications in South Africa.

mybroadband.co.za

 

[w1z4rd]

This is an article from back in May ... Give it a read, maybe it helps ?

Cryptocurrency tax in South Africa

If you are doing anything with cryptocurrency other than buying and holding it, there are tax implications in South Africa.

mybroadband.co.za

1. Mining cryptocurrency — In South Africa, the moment that you mine a crypto token the market value of that coin is added to your gross income. Expenses incurred as a coin miner can be deducted for tax purposes.

Ty. I wonder what I can claim back on that.