« previous next »
Pages: [1]

Author Topic: Foreign Exchange Rate to use for Tax  (Read 16231 times)

Ponkie

  • I've just arrived
  • *
  • Posts: 3
  • Karma: +0/-0
    • View Profile
Foreign Exchange Rate to use for Tax
« on: August 11, 2018, 01:54:33 pm »
Hi guys,

I have made some short term profits this year on the US stock market and need to declare my gains to SARS.

Now my questions do I need to use a daily rate when I did the trade or can I use SARS's average rate for the period?

Thanks!

Logged

Nivek

  • Sr. Member
  • ****
  • Posts: 295
  • Karma: +6/-1
    • View Profile
Re: Foreign Exchange Rate to use for Tax
« Reply #1 on: August 11, 2018, 07:21:15 pm »
I've always used the average because it's so much easier, but I believe you're allowed to choose, so I'd use whichever means I'd pay less tax!
Logged

Ponkie

  • I've just arrived
  • *
  • Posts: 3
  • Karma: +0/-0
    • View Profile
Re: Foreign Exchange Rate to use for Tax
« Reply #2 on: August 11, 2018, 07:56:18 pm »
Thanks Nirvek!

That was my understanding too...
Logged

Orca

  • Hero Member
  • *****
  • Posts: 2280
  • Karma: +54/-3
    • View Profile
Re: Foreign Exchange Rate to use for Tax
« Reply #3 on: August 13, 2018, 09:54:23 am »
Calculate your gains/losses in USD and then convert to ZAR.
https://www.bportugal.pt/conversor-moeda
Logged
I started here with nothing and still have most of it left.

Ponkie

  • I've just arrived
  • *
  • Posts: 3
  • Karma: +0/-0
    • View Profile
Re: Foreign Exchange Rate to use for Tax
« Reply #4 on: September 05, 2018, 08:33:21 pm »
Thanks Orca!
Logged

Aldrin

  • I've just arrived
  • *
  • Posts: 1
  • Karma: +0/-0
    • View Profile
Re: Foreign Exchange Rate to use for Tax
« Reply #5 on: September 11, 2018, 04:49:53 am »
Here is some useful information on Taxes concerning Foreign Exchange Products

https://usdtozar.com/sarsimplicationtocryptocurrencies
« Last Edit: September 11, 2018, 04:52:26 am by Aldrin »
Logged
Pages: [1]
« previous next »