What paperwork did they ask for trading?So my return is done, I did not submit as capital gain but as trading so I can deduct expenses, SARS did ask for paperwork, always had that ready. Anyway they are happy with my return.
What paperwork did they ask for trading?So my return is done, I did not submit as capital gain but as trading so I can deduct expenses, SARS did ask for paperwork, always had that ready. Anyway they are happy with my return.
As I am trading in my own name they wanted bank statements, and invoices for my internet costs and reason why I made a loss. I did not make a loss trading but when deducting expenses needed to be able to trade I made a loss.What paperwork did they ask for trading?
Sorry if this is a bit off topic, but with 2 accountants in the room perhaps you could help me and others who see this.
How does it work with regards to income from mining and tax returns. Over the past financial year I have been mining ethereum but have only sold R20,000 worth on Luno and withdrew that to my regular bank account. I spent R100,000 initially on the mining equipment. Would I offset the R100,000 against the R20,000 I withdrew, hence a loss of R80,000 for declaration purposes? Do I declare the remaining eth I have on the blockchain or does that only come into the equation if/when I cash it out?
On-Topic - I also have invested in some XRP and think it will bring big things to the crypto world moving forward. Sure there are those that say it is centralized, and yes I think it is. But moving forward we would be naive to think that ALL crypto will be decentralized, that ain't gonna happen. Blockchain tech is going to play a bigger role in all aspects of life moving forward and for mass adoption to take effect then rules and regulations will have to be put in place on certain aspects. XRP is focused on the banking sector, probably one of the most regulated sectors out there, so for it to work and be trusted in the banking industry it will have to be regulated.
I think in the future we will just have decentralized and centralized blockchain technology... a mix for the masses.
Sorry if this is a bit off topic, but with 2 accountants in the room perhaps you could help me and others who see this.
How does it work with regards to income from mining and tax returns. Over the past financial year I have been mining ethereum but have only sold R20,000 worth on Luno and withdrew that to my regular bank account. I spent R100,000 initially on the mining equipment. Would I offset the R100,000 against the R20,000 I withdrew, hence a loss of R80,000 for declaration purposes? Do I declare the remaining eth I have on the blockchain or does that only come into the equation if/when I cash it out?
On-Topic - I also have invested in some XRP and think it will bring big things to the crypto world moving forward. Sure there are those that say it is centralized, and yes I think it is. But moving forward we would be naive to think that ALL crypto will be decentralized, that ain't gonna happen. Blockchain tech is going to play a bigger role in all aspects of life moving forward and for mass adoption to take effect then rules and regulations will have to be put in place on certain aspects. XRP is focused on the banking sector, probably one of the most regulated sectors out there, so for it to work and be trusted in the banking industry it will have to be regulated.
I think in the future we will just have decentralized and centralized blockchain technology... a mix for the masses.
Kekeke sold mine for USD 4.1 a piece almost 2 years ago at its absolute peakAny HODLERS LEFT????
it never got over $4? Which exchange was that?Kekeke sold mine for USD 4.1 a piece almost 2 years ago at its absolute peak
And on a side note declared everything for SARS purposes as income NOT CGT as this was pure speculation and paid the respective tax case closed.
Or 3.55 it's been a while... Was cex.ioit never got over $4? Which exchange was that?