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General Category => Shares => Topic started by: Ponkie on August 11, 2018, 01:54:33 pm

Title: Foreign Exchange Rate to use for Tax
Post by: Ponkie 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!

Title: Re: Foreign Exchange Rate to use for Tax
Post by: Nivek 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!
Title: Re: Foreign Exchange Rate to use for Tax
Post by: Ponkie on August 11, 2018, 07:56:18 pm
Thanks Nirvek!

That was my understanding too...
Title: Re: Foreign Exchange Rate to use for Tax
Post by: Orca 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
Title: Re: Foreign Exchange Rate to use for Tax
Post by: Ponkie on September 05, 2018, 08:33:21 pm
Thanks Orca!
Title: Re: Foreign Exchange Rate to use for Tax
Post by: Aldrin on September 11, 2018, 04:49:53 am
Here is some useful information on Taxes concerning Foreign Exchange Products

https://usdtozar.com/sarsimplicationtocryptocurrencies