841
Thanks OrcaNo problem. Please see the Note I edited in now. I am forgetful so need to keep it for prosperity.
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842
Off topic / Re: Live chat
« on: October 26, 2015, 12:54:54 pm »
@Fawkes85. CML's income is mostly from Performance Fees and the markets have not done well.
843
I suggest you write this down for future reference.
You broker will give you an analysis of your activities for the tax period. Mine is called "Holdings Analysis for year ending 28 Feb 2015" and all the figures are at cost so no expenses such as brokerage, taxes and VAT need be calculated as they are already included.
First you need to work out Cost of Sales. The report will only give you the Opening Stock amount of shares you had at year start. This you have to calculate depending if you used the FIFO or Weighted Ave method. This is at cost or the "Due From You" amounts.
Cost of Sales
Opening Stock
Add: Purchases (this is the total amount shown in Rands on your report)
Less: Closing stock (this is according to your FIFO or WA method)
Total: Rxxx
Disclosure in SARS efilling.
In Trading section. Number of trades will be 1 even if you traded 100 times. Patrick might have 2
due to his 2 accounts.
1. Sales. (this is the amount shown in the Totals column of the report)
2. Cost of Sales.
3. Deductions. Internet costs, Stationary etc.
4. Source Code. 2514 if it was a gain. A Loss will be 2515
Note: Your Closing Stock will be next year's Open Stock so after you calculated it, write it on the report then you need not calculate your Open Stock next year.
Capital Gains will not be in the Trading Section.
You broker will give you an analysis of your activities for the tax period. Mine is called "Holdings Analysis for year ending 28 Feb 2015" and all the figures are at cost so no expenses such as brokerage, taxes and VAT need be calculated as they are already included.
First you need to work out Cost of Sales. The report will only give you the Opening Stock amount of shares you had at year start. This you have to calculate depending if you used the FIFO or Weighted Ave method. This is at cost or the "Due From You" amounts.
Cost of Sales
Opening Stock
Add: Purchases (this is the total amount shown in Rands on your report)
Less: Closing stock (this is according to your FIFO or WA method)
Total: Rxxx
Disclosure in SARS efilling.
In Trading section. Number of trades will be 1 even if you traded 100 times. Patrick might have 2
due to his 2 accounts.
1. Sales. (this is the amount shown in the Totals column of the report)
2. Cost of Sales.
3. Deductions. Internet costs, Stationary etc.
4. Source Code. 2514 if it was a gain. A Loss will be 2515
Note: Your Closing Stock will be next year's Open Stock so after you calculated it, write it on the report then you need not calculate your Open Stock next year.
Capital Gains will not be in the Trading Section.
844
Not quite correct. Your e filing will ask if you were trading. A page will open where you enter Cost of Sales, Purchases and Sales. If you had Expenses then you can include them in the box as well.
I will post the exact method here today as I don't recall all the details now.
You cannot offset a Capital loss with your income. The loss carries over until you can offset it against future Capital gains.
I will post the exact method here today as I don't recall all the details now.
You cannot offset a Capital loss with your income. The loss carries over until you can offset it against future Capital gains.
845
Shares / Re: Long Term Portfolios.
« on: October 26, 2015, 11:04:25 am »
@Patrick. I initially started off after my restructuring my portfolio some months back with:
50% in DIVTRX. This alone is diversified enough.
The rest is equal in proportion in ADI, CIL, MTA and PGR. This is only for alpha until I get too old to think. Then I would go 50/50 into STXIND and DIVTRX to make things easy for the wife.
And no, it does not include divies.
50% in DIVTRX. This alone is diversified enough.
The rest is equal in proportion in ADI, CIL, MTA and PGR. This is only for alpha until I get too old to think. Then I would go 50/50 into STXIND and DIVTRX to make things easy for the wife.
And no, it does not include divies.
846
That will be a trading loss. All private income not included in your employers IRP will be audited. You can try and get away with a Capital Loss Tax but SARS will ask for documentation and chances are that a junior accountant will just glance at it and send you mail stating...."We will accept your calculations but reserve the right to review it at a later stage". This is what I received.
If they do go through your papers thoroughly and see it was a trade, it will not be a serious offence as you did not know about the 3 year rule...Did you? No.
If they do go through your papers thoroughly and see it was a trade, it will not be a serious offence as you did not know about the 3 year rule...Did you? No.
848
Off topic / Re: Live chat
« on: October 25, 2015, 11:41:19 pm »
CML's books closed end September and that is before the upturn. I expect a plunge due. Then again, I may not always be wrong and never been right with CML but I suspect she will dive.
849
Shares / Re: Long Term Portfolios.
« on: October 25, 2015, 11:28:20 pm »
My portfolio. You can't be successful in all.
One year returns with no divies reinvested and I have not been in them for a full year.
ADI. +73%
PGR.+32%
CIL. +15%
MTA. -19% My oldest stock but only -5% since bought.
DIVTRX. +18%
One year returns with no divies reinvested and I have not been in them for a full year.
ADI. +73%
PGR.+32%
CIL. +15%
MTA. -19% My oldest stock but only -5% since bought.
DIVTRX. +18%
850
Shares / Re: Long Term Portfolios.
« on: October 25, 2015, 10:53:35 pm »
Well, that's .... ummm... good. Beating inflation is good I suppose.
851
Shares / Re: How does the satrix indi do so well?
« on: October 23, 2015, 02:12:13 pm »The indi's at an all time high again. In the last 12 months it's gained 17.3% including divvies. Not bad for such an up and down year.According to Sharenet it is up 24% but that is a day old. Reuters shows 27% until now.
The DIVTRX shows 17%
852
Shares / Re: Peregrine
« on: October 23, 2015, 10:32:30 am »
Trading Statements are usually out 17-20 October.
853
Shares / Re: Peregrine
« on: October 22, 2015, 05:48:04 pm »
This happens all the time. It always spooked me when I had CML under my microscope but she kept hurtling on up after.
The FSB sets mandates for UT's to only hold a certain percentage in sectors so when the weightings change over time, they have to correct it.
What worries me is that the Trading Statement should have been out by now so we might be under 20% gain in HEPS for the first time in years.
The FSB sets mandates for UT's to only hold a certain percentage in sectors so when the weightings change over time, they have to correct it.
What worries me is that the Trading Statement should have been out by now so we might be under 20% gain in HEPS for the first time in years.
855
Shares / Re: Peregrine
« on: October 20, 2015, 05:56:50 pm »Acquisition SENS? for PGR? Howcome i didnt get one in my inbox from my broker........ Can you link it please Mr Orca? or are you referring to the ADI or EOH acquisitions?
You are correct. It was ADI and not PGR. My brain is getting soft now. My apologies.
