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SARS, CRYTOCURRENCIES and SHARE LOSSES

bitcoin share loss bitcoin loss crytocurrencies cfd derivatives SARS tax loss

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#1 markvorster

markvorster

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Posted 30 April 2018 - 10:20 PM

Good Day

I am a CA and Tax Practitioner.

I have been following the tax consequences of crypto currencies and SARS's take on the matter.

Attached is an article of their stance:

Declare cryptocurrencies on your tax returns, says SARS

https://www.fin24.co...s-sars-20180409

This may seem like morbid news but it isn't if you have made a Loss!

This Loss will reduce your taxable income thereby you can recover some of your loss through this channel.

 

This treatment is exactly the same as the treatment for Share losses, especially CFD's and other similar short term derivatives, and the same methodology can be applied to blue chip shares if they are held for less than a year.

If you need assistance in matter don't hesitate to contact me in this regard or any other tax or accounting matter.

"Why deal with Trainee's when you can deal with a CA(SA)"

Mark Vorster CA(SA) ACCA
0848500419
mark@basicsolutions.co.za


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