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Do not worry about the tax, let's first make money, talk to CML and get it to get away from this frikkin R66,60 level. It is bad luck 

You do not add it to your income, you just show your total cost and total sell, the SARS website thingy auto shows you gain, and then deducts the first 10,000 I think it is, and tax you on the rest at the correct rate.

Orca, u know you are welcome in my sandbox, just keep in mind, it is from a Steven king novel, u might not leave... evil sadistic laugh...  :laugh:

Just incase you wondering why "other site" is not so much visited by me.

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  Well I have being trying for years, and will not give up.

I was thinking that, thus yes I will put my stuff under today's outlook, no problem. I thing the difference would have been, today is for today and Morning report is more like the 7 day weather report. 

We all get morning reports, or read before market opens. Take 1 point and put it here.

Berkshire Hathaway increased its stake in DaVita HealthCare Partners

  where did you get banned from?  You are welcome in my Sandbox any time.

Quote from: Orca on July 02, 2013, 02:38:03 pm

Another tax question.
If you have your account managed by a brokerage firm in their Managed Portfolio Account such as Imara SP Reid has, and they often swop stocks then you are considered a trader. Losses and gains must be added to your other income.

If you have Unit Trusts that you keep for 10 years and although the stocks within the UT's are also sold and replaced from time to time, you will not be liable for tax until you sell the UT.
Am I correct?

I spoke to Simon Brown regarding SARS treatment of an individual who has an investment account with a broker and a trading account with the same broker, he assures me that SARS will treat the activity and the intent on these two accounts separately - so in one sense you are treated as an investor and separately on the trading account you will be assessed as a trader. I did not have long enough to raise all the question I still have but he did say that my broker should be well versed in these matters as they are in fact offering these options to other clients. On the other point, when you complete your e filing SARS return you only need to give base costs and proceeds - there is no room for listing how you arrived at these figures, and the system determines the amount you will be assessed for CGT - however if you have an accumulated loss then this is deducted before CGT is calculated. One of the problems I have is that many of the calculations are hidden to the taxpayer so you never know whether you are being ripped off or not. I have just sold some U/T's because they are not performing and these I have held since the '90's and now in terms of CGT SARS will score exceptionally on an item which wasn't even subject to CGT in the '90's - what they should do is allow you to use the price of the U/T at time of introduction of CGT - but this is unlikely to happen when dealing with an overzealous collector of taxes     

there is no room for listing how you arrived at these figures, and the system determines the amount you will be assessed for CGT -

Is correct, but you need to keep record. I was audited last year and had to submit my records.