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Abstract:Forex trading for the aim of profit rather than holding as an investment will be recognized as revenue, which is the same as being self-employed, independent contractor, or freelancer.
To determine the taxable profit from your forex trading, all expenditures spent must be subtracted from the gross revenue of the transaction. The profit gained will or must be added to your other earnings and then used to the tax tables to determine your tax liability. As a result, forex traders should retain all documentation and records related to their trading activity. Convert your profit to South African rand where and when appropriate.
Forex traders who are considered South African residents must report all of their forex trading revenue and earnings on their annual tax forms. The reason for this is that if you are considered a tax resident, you will be taxed on all of your earnings (local and foreign).
Top ten tax saving tips:
The suggestions below are general in nature and may or may not apply to your specific tax situation.
Contribute towards a Retirement Annuity Fund
Open a Tax-Free Savings Account
Donate to a SARS approved/ registered Charity Fund
Join a Medical Aid Scheme
Keep a logbook if you receive a travel allowance
Keep a logbook if you drive a company car
Claim commission related expenses if you are a commission earner
Claim business travel if you are a commission earner
Claim your daily costs if you receive a subsistence allowance
Claim expenses if you earn a non-salary income
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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