Author Topic: Foreign Exchange Rate to use for Tax  (Read 1440 times)

Ponkie

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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!


Nivek

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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!

Ponkie

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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...

Orca

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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
I started here with nothing and still have most of it left.

Ponkie

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Re: Foreign Exchange Rate to use for Tax
« Reply #4 on: September 05, 2018, 08:33:21 pm »
Thanks Orca!

Aldrin

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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 »