Day trading tax

@Sly21C

Please listen to the guys, its not about transferring money to which bank account,
the focus is on how much you make in ALL your bank accounts.

SARS doesnt care that you havent moved it, you own it already, its yours.
If that account is designated for quick short term moves
then its trading and will be taxed as income (not capital gains) and everthing in it as well.

If your mixing long term holds with short term moves then the whole account will be seen as trading.
 
bchip said:
If your mixing long term holds with short term moves then the whole account will be seen as trading.
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^ This. My accountant advised to open two accounts, one for short term trading (taxed as income), and one for trades held for 3 years or more (taxed as capital gains).

I was also advised to keep a log of my reasoning at the time of every purchase or sale in the long term account, in such case that I had intended to buy something to hold it for a long term, but due to unforeseen market circumstances I decided to sell it off.
 
Kobus Niemand said:
The better question to ask is; what happens when my bank account sits in Seychelles
http://smartdailytrader.com/the-panama-papers-leak-shell-companies-art-as-commodity/
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Long story short, if you want to avoid tax on trading you need to live in a 0% income tax country e.g Cayman Islands, Monte Carlo etc.
Or, you need to live in country with a territorial tax system e.g. Hong Kong, Malaysia, Singapore etc and then trade on markets outside of the host country.
 
Hi guys I find u helpful so ...I'm also a trader still growing but now I did some investment with apexbinaryoption and now I requested a withdrawal and now before that I'm told by the broke to deposit 2950$ before withdrawal its a tax.is posible that I should pay tax before withdrawal in order for my withdrawal to come to my account?
 
Mosiuoa1 said:
Hi guys I find u helpful so ...I'm also a trader still growing but now I did some investment with apexbinaryoption and now I requested a withdrawal and now before that I'm told by the broke to deposit 2950$ before withdrawal its a tax.is posible that I should pay tax before withdrawal in order for my withdrawal to come to my account?
Click to expand...

Youve probably been scammed - 99% of brokers dealing with binary options are scams.
Chances are you've already lost the whole account.

They mightve withheld if it was a dividend tax but not the case here.
 
bchip said:
Youve probably been scammed - 99% of brokers dealing with binary options are scams.
Chances are you've already lost the whole account.

They mightve withheld if it was a dividend tax but not the case here.
Click to expand...
Yah neh and theres no way one can recover his money back...
 
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