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FIVE MISCONCEPTIONS ABOUT CRYPTO TAXATION Since its inception in 2009, there have been many misconceptions about crypto assets, often referred to as cryptocurrencies. These confusions have cost eager investors millions of Rands and have subsequently been addressed or explained on numerous media platforms. READ MORE Featured in By now even novice investors should know that […]

SARS SHOWING PRO-ACTIVENESS IN THE RIGHT DIRECTION DESPITE SHORTENED TAX SEASON Although SARS has issued many press statements around Tax Filing Season starting on 01 July 2022, and it has been shared many times in the media, it is worth noting a few pro-active steps made by the revenue authority this tax season which instills

WHAT ARE THE TAX IMPLICATIONS FOR VICTIMS OF CRYPTO FRAUD? The Mirror Trading International (MTI) scandal has been on the minds of many crypto investors during 2020. This scam attracted lots of attention in the crypto industry where as many as 260 000 members were reported with daily returns of 0.5%. The age of MTI

WHAT CBDCs AND CRYPTO REGULATIONS MEAN FOR CRYPTO TAX Government is regulating cryptocurrency this year and testing an official government cryptocurrency. What does this mean for crypto tax? The South African Reserve Bank (SARB) is encouraging more engagement with the fintech industry in South Africa to enable the introduction of distributed ledger technology (DLT) into

SARS IS SHARPENING THEIR TOOLS TO IMPROVE DETECTION OF CRYPTO TAX NON-COMPLIANCE In what is increasingly being considered a watershed year for the evolution of cryptocurrency regulation in South Africa, the South African Revenue Service (SARS) is quietly but meticulously accreting the details of South Africans invested in crypto assets with a view to dropping

GOVERNMENT IS PUTTING CRYPTO UNDER THE MAGNIFYING GLASS Cryptocurrency has been gaining momentum in South Africa and the South African government has made it clear, in the 2022 Budget Speech, that they are taking it very seriously.

TYPES OF CRYPTOCURRENCIES Cryptocurrency or crypto assets, as referred to by the South African Revenue Service (“SARS”), is an electronic, decentralised (non-bank affiliated) currency, which can be traded or used as a medium of exchange. These assets, as well as their record of ownership, are stored in a digital blockchain ledger where transactions are protected by means of cryptographic technology. 

WHAT ARE CRYPTOCURRENCIES? Over the last couple of years, cryptocurrencies (or, more accurately, crypto assets) have taken centre stage for many hopeful investors. However, uncertainty remains about what exactly crypto assets are and how investors should be taxed.  READ MORE For the purposes of understanding crypto asset taxation, it is appropriate to turn to the local revenue authority for a clear definition of cryptocurrencies. On

WHAT IS PROVISIONAL TAX AND WHEN DO I QUALIFY FOR IT? During 2021, many South Africans were forced to start their own businesses to put food on the table, while others changed from traditional employees to contracted remote workers. Whether they retained a reduced salary or wholly embraced the responsibility of being an entrepreneur, it

THINGS TO CONSIDER WHEN PREPARING FOR YOUR 2022 TAX RETURNS The deadline to submit your annual income tax returns has passed. Whether you missed this deadline, or you were a bit unprepared for your last submission, it is a good time to start planning for the 1 March 2021 to 28 February 2022 tax year.