Does anybody have experience flipping goods?

Yes

FlipTable.jpg
 
Polymathic said:
I see all over social media and Youtube of people making serious cash flipping second hand goods but these people are all in the States. Is there anybody here doing something similar or have done something similar and made a profit?
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You can also have a look at Moving On (http://movingon.co.za/). They advertise a lot of content of home sales across the country of people emigrating or that passed away etc.

You can sometimes pick up loads of electronics, kitchenware or furniture are decent prices without the need to sand and paint before reselling. Or just to keep for yourself.
 
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pinball wizard said:
Surely there's a threshold to reach before you are taxed?
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Nope, sort of. Based on your annual tax exemption. The reality is if you are already paying tax then there really isn't a threshold.

The sale of X would be seen as an amount to be included in your gross income and the price you paid will be seen as an expense that can be deducted from that. For example R1000 purchase price, Sold for R3000.

R3000 -> Gross income
R1000 -> Expense
R3000-R1000=R2000 profit this is the amount that will be subject to tax. As an individual you will be tax based upon your tax tables so the applicable rate would apply.

Once you start doing this kind of thing though you start running a "trade" so other related expenses can also be deducted. In short....
 
Snyper564 said:
Nope, sort of. Based on your annual tax exemption. The reality is if you are already paying tax then there really isn't a threshold.

The sale of X would be seen as an amount to be included in your gross income and the price you paid will be seen as an expense that can be deducted from that. For example R1000 purchase price, Sold for R3000.

R3000 -> Gross income
R1000 -> Expense
R3000-R1000=R2000 profit this is the amount that will be subject to tax. As an individual you will be tax based upon your tax tables so the applicable rate would apply.

Once you start doing this kind of thing though you start running a "trade" so other related expenses can also be deducted. In short....
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Wait what about VAT?
 
Polymathic said:
Wait what about VAT?
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Only when you aim to exceed R1m per tax year of assessment. R50k profit a year you only have to worry about tax when you pushing a R1m a year that's a pretty substantial business.
 
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