Just got back from my accountant. Seems very bad for me. Short story:
R720k in managed account in end 2007. By 2009, it had dropped to R420K then sold all.
Took over the account myself and traded it back into profit after 3 years.
During this time I never divulged my trading activities to SARS. I did not know that one had to if you don't actually transfer the money into your pocket. Stupid me.
I have now "churned" my portfolio to over R2m.
Now my accountant has put me in a spot. Ask SARS for a VDP (Voluntary Disclosure Progamme) and if granted, the losses will NOT carry over to the next year. Every year will start anew.
Do not ask for VDP and I will pay double the tax owed plus interest and penalties.
This is a warning to traders that don't divulge their trades. They WILL pick it up.