Testing Takealot vouchers bought with mined Litecoin

Jan

Jan

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The title bothers me, though. But that's me, being overly technical. But, alas, that's just my cross to bare.
 
So you spent R527 to get a R500 voucher. And you paid R65 for the shipping. Could have added something else and got free delivery.
 
What other websites accept crypto in exchange for goods and services in South Africa?
 
Hi @Gaz{M} we are currently working on a very exciting venture that will be released to the public quite soon. You will be able to use crypto to pay for goods with any online retailer in South Africa.
 
RedViking said:
This is a great article. Need more practical use cases for crypto (in SA).
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Not really, spending crypto like this is a tax nightmare as everytime its crypto for goods its a taxable event.

Its simpler converting crypto to fiat on VALR and spending everywhere.
 
Snyper564 said:
Not really, spending crypto like this is a tax nightmare as everytime its crypto for goods its a taxable event.

Its simpler converting crypto to fiat on VALR and spending everywhere.
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What do mean it’s a taxable event, you need to report that purchase as taxable “income” due to the crypto getting essentially being cashed out?
 
airborne said:
What do mean it’s a taxable event, you need to report that purchase as taxable “income” due to the crypto getting essentially being cashed out?
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Yup thats why its a mess.

Ill use the following example.

You bought 1 btc for R100 5 years ago, (lets assume CGT for now)

Now you buy a car for that 1btc, value R1m.

You pay CGT on the 999 900 gain.

Basically every transaction like this needs to be accounted for so you can see using a crypto debit card is an absolute nightmare tracking all this.

Now imagine doing this for each transaction. Once off transactions are easy but using crypto for daily use not easy.

Thats why I suggest cash out via valr and spend where you want for example
 
Snyper564 said:
Yup thats why its a mess.

Ill use the following example.

You bought 1 btc for R100 5 years ago, (lets assume CGT for now)

Now you buy a car for that 1btc, value R1m.

You pay CGT on the 999 900 gain.

Basically every transaction like this needs to be accounted for so you can see using a crypto debit card is an absolute nightmare tracking all this.

Now imagine doing this for each transaction. Once off transactions are easy but using crypto for daily use not easy.

Thats why I suggest cash out via valr and spend where you want for example
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But buying vouchers like this shouldnt count as a tax event?

Bitrefil is an overseas company IIRC.

Most of my crypto holdings are in KuCoin which is offshore as well.

All thats happening is that im moving funds from one off shore LTC wallet to another. Nothing ever entered SA except the voucher code that was emailed to me

EDIT:

If anyone can correct me and educate me on this, im more than willing to learn/be educated
 
ADrunkTeddyBear said:
But buying vouchers like this shouldnt count as a tax event?

Bitrefil is an overseas company IIRC.

Most of my crypto holdings are in KuCoin which is offshore as well.

All thats happening is that im moving funds from one off shore LTC wallet to another. Nothing ever entered SA except the voucher code that was emailed to me

EDIT:

If anyone can correct me and educate me on this, im more than willing to learn/be educated
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If you south african you taxed on your worldwide tax basis.

Doesnt matter that its not here. Whether its binance kucoin or VALR NO Difference

If your 1btc for R100 becomes a voucher worth R1m that is is taxable.

If however the 1btc becomes a 1btc voucher then nothing YET. When you purchase the item the value of the item will be the value less R100
 
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