Just a simple answer.

[#1]

Scenario:A Trader with a Private Account. Making 300k p.a. trading. Only trades CFDs( which I see has a VAT component.) Any LEGAL SIMPLE tax advice ? Or should I go and see that expensive CA I know in Wynberg,Cape Town.

[john_1]

Buy installments with profits..sell after LDT and take the capital loss compensated by the Dividened gain..watch out for special divs and asset strips..Telcom can be good. that way you reduce that winning streak in capital terms...after all traders lose money!

[john_1]

Also claim all related costs including tin foil, and mattress as it acts as safty deposit box.

[DST]

A Quote of the Day from www.tickertalk.co.za
Ernest Haskins
Save a little money each month and at the end of the year you'll be surprised at how little you have.

[#5]

Firstly congratulations, your system seems to work. Secondly you are entitled to set off all related expenditure against the trading income. In other words subscriptions, line connection, service provider fees, bank charges etc. That been said the old days of "take a chance, win a prize" as Matthew Lester puts it couldn't be more apt. SARS will penalise for any dodgy claims. I have also claimed and been allowed my security costs as well as depreciation on my computer. I would shy away from claiming any rental / interest apportionment for your residence as this could have capital gains implications at a later stage. Hope this points you in the right direction.

[#6]

Thank you for your input.SARS is Godzilla.Pay the Monster.>>>"Feed Me ! " Ok then. Chew before swallowing,please.Times are hard.

[YNWA]

Amigo.....at all times wear one of those new auto welding helmuts when dealing with SARectumService...they can't scan your iris thru' one of those things.... and ja, I would go the CA route, with the new rules at least you know his 2 heads are on the block as well so the advise SHOULD be solid.... However, I remain sceptical about the value of his company in the clink should both go down! Adios.

[#8]

Ye know toooo much......heh...Hi Y.

[geordie1]

if you are making 300000 pa it may be worth investigating setting up a cc-has a few more adavantages than sole trader but obvously depends on your circumstances-I would consult a good accountant if you can find one.