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Messages - scitrader

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Shares / Re: Tax
« on: November 14, 2013, 10:45:16 pm »
One more thing Orca. You mentioned earlier [color=blue]"Recalculated all my losses and gains from 2008 and presented them to SARS. I was only owing R12K for last year if the R170K loss was carried over"[/color]
 
If you had traded through a registered company, your losses would have carried over and could have been offset in the subsequent year where there was a gain.  Unfortunately as a Sole Proprietor, your loss can't carry foward.

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Shares / Re: Tax
« on: November 14, 2013, 09:06:58 pm »
So long as you are REASONABLE and wherever you can legally save why not do it ! 

Your maid and gardener may not help you trade, but as a business owner operating from home, you are entitled to claim a % of the total home running expenses. 

I am real -  I have done hundreds of tax returns and claim all these expenses  every year for many of my clients.
Most sole proprietors do REALLY employ their wives as it reduces there taxable income.

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Shares / Re: Tax
« on: November 14, 2013, 07:01:34 pm »
If you are running your own business from home, you can claim a percentage of all your home/office expenses (incl. the gardener, maid repairs to your home etc)  As far as the assistant goes, if SARS queries the UIF status of the wages claim, then register and pay the 2%.  If your wife or assistant is not earning any other income, you can pay them R60000 p.a. tax free.  (and R1200 UIF if you have to register)
As far as the travel expenses go, is your driving purely for leisure purpose, or do you need to travel to the bank to sort out your finances, or the post office to collect your share books, or the stationers to pick up supplies, or to meet with other traders ..............  I am sure you're business would not be the same if you had to walk everywhere  so I think you can justify a % work and % play.

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Shares / Re: Tax
« on: November 14, 2013, 05:55:45 pm »
Hi Orca
When you take into account the deductions a trader can make, these can be quite substantial if the trader (as in your case) trades for a living.
These can include:
- internet costs and subscriptions (as mentioned)
- a percentage of your rent, electricity, water, insurance, domestic worker, gardener etc
- depreciation on your computer and other electronic gadgets required for trading
- telephone, cellphone,
- motor running expenses
- wages for your wife or assistant who helps with all the paperwork and research
- bank charges and other sundry expenses

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