Crypto tax clampdown in South Africa

mylesillidge

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Crypto tax crunch in South Africa

South Africa is undergoing a significant regulatory shift regarding cryptocurrency to enhance compliance with financial regulations, particularly tax matters.

This ‘crypto compliance crunch’ has been driven by the need for clear guidelines to protect consumers and ensure the required tax is paid.
 
Translation: government wants to stick its nose in your financial affairs for your own protection so it can steal crypto too.
This is going to be another tremendous fckup if implemented. The government still does not seem to know crypto doesn't work like this and will see their arse like every other country has.

I also want to see how Trump will affect this as he has a more favourable non-regulatory outlook on the financial market.
 
Criminals accumulating
What really would be news is "clamp down on motherfckers who keep getting voted in that steal and misappropriate tax money"

Pretty sure we would have to go to parliament, drag them out and start hanging them from street lamps ourselves.
 
Remember people, tax compliance means to deduct any losses you may suffer from your income. It is your duty to pay as little tax as possible legally.
@Snyper564 taught me this as well

Robert Redford GIFs | Tenor
 
Remember people, tax compliance means to deduct any losses you may suffer from your income. It is your duty to pay as little tax as possible legally.

wrong, you can't claim tax deduction due to capital lost, it is only within your capital gain / lose.
ie: you are still liable to pay your personal income tax even when you lose capital more than your personal income.

:)
 
wrong, you can't claim tax deduction due to capital lost, it is only within your capital gain / lose.
ie: you are still liable to pay your personal income tax even when you lose capital more than your personal income.

:)
No, you can deduct a loss from your overall income for any revenue generating activity. So if you made any trade that generated revenue during the period or if it's an activity intended to make profit it's a business activity and you can deduct your losses.
 
No, you can deduct a loss from your overall income for any revenue generating activity. So if you made any trade that generated revenue during the period or if it's an activity intended to make profit it's a business activity and you can deduct your losses.

An assessed capital loss sustained during a year of assessment cannot be set off against a person’s ordinary income of a revenue nature. An assessed capital loss, therefore, neither decreases a person’s taxable income nor does it increase a person’s assessed loss of a revenue nature. Such an assessed capital loss is, therefore, ring-fenced and can be set off only against capital gains arising during future years of assessment.
If you want to read more about this area in more detail, please visit the Guide (Chapter 5).

 
Does MyBB have AI autogenerating a "crypto clampdown" meeting once a week now? Along with a "DSTV cracks down on piracy", "What you need to earn to buy a car" and some randomly "Massive" thing...
 
Does MyBB have AI autogenerating a "crypto clampdown" meeting once a week now? Along with a "DSTV cracks down on piracy", "What you need to earn to buy a car" and some randomly "Massive" thing...
How dare you ? These are seasoned journalists.
 
An assessed capital loss sustained during a year of assessment cannot be set off against a person’s ordinary income of a revenue nature. An assessed capital loss, therefore, neither decreases a person’s taxable income nor does it increase a person’s assessed loss of a revenue nature. Such an assessed capital loss is, therefore, ring-fenced and can be set off only against capital gains arising during future years of assessment.
If you want to read more about this area in more detail, please visit the Guide (Chapter 5).

You're referring to CGT and not trading losses. It all comes down to how you classify it. Ask yourself, if you made a profit would Sars want to classify it as CGT or trading profit? If the answer is trading then deduct it. It's called opening the door, you can't make a different argument than the one you made previously under the same conditions.
 
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