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Tax calc

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Not applicable
Let me put it this way, take the amount called 'purchase exposure' on P&L report enter it as Purchases/cost and then 'sale exposure' as the proceeds/sale. the diffrence depended on which is larger will result in a profit or loss. if the amount is different from tax statement, include the brokerage amount and see if it works. If you double up the cost, it will look a bit odd and won't add up!
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HateGauteng
Super Contributor
All I see on the "Report of gains and losses for the period 1 March 2008 - 28 February 2009 (Single stock futures)" are "position brought forward"; "carried forward position @MTM" and "brokerage and vat for period" I just took the "period profit/-loss"; totalled the profits and totalled the losses and put that down as "sales" and "cost of sales" in the IT12. Hope this is correct as the "period profit/loss" includes brokerage.
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Sugar_Snap
Frequent Contributor
Ring-fenced - when does it apply? This involves a two part threshold: (a) Max marginal rates - taxable income equals or exceeds the amount at which the max marginal rate becomes applicable. (b)Suspect loss trades - only losses from suspect trades are subject to potential ring-fencing. (either or test). Suspect trade is one that fails the '3 out of 5 year' loss rule or a trade that is explicitly listed as a suspect trade. (Income tax act sections 20 & 20A). Once ring-fenced, always ring-fenced till you make profits to off-set the losses against in the same trade. Hope this helps a little bit.
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Sugar_Snap
Frequent Contributor
Hi HateGauteng, I am going to complete my IT12 as well with the exposure figures (sales & purchases) and other expenses (brokerage), seeing that SARS received the profit/loss report from Standard Bank as well. I am not a top margin earner and hope that SARS will not see my trading as a suspenct trade and therefore not ring-fence my loss. All the best. Let know what happened when you receive your IT34 back.
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HateGauteng
Super Contributor
Hi Sugar Snap. Busy filling out my form with my cousin. He put his losses as "other expenses" and got his return in a few days. I following this route and see what happens.
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HateGauteng
Super Contributor
OK I hit "file" this morning. My initial assment says that my rebate will probably include 10-15% of my trade losses plus other stuff that I have in there. Let's see if I get that back.
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