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Online Share Trading

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Tax eFiling

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RisseN
Contributor
Hi All. I've got a quick question for those of you who trade derivatives and do efiling. When efiling I would normally use the capital gain/loss area to enter my share trading P&L. ie: you enter your proceeds and your costs, then it calculates your gain or loss. This info is easily found on the report of gains and losses from SBK. However with my derivatives account they do not issue a report of gains and losses. They only issue a IT3B and a derivatives report. On the derivatives report it has a total at the bottom of your gain/loss. However there is nowhere to find the proceeds and costs which is what SARS efiling asks for. Im lost as to how to fill out my derivatives gain/loss. Any ideas?
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5 REPLIES 5
Rams
Super Contributor
What costs you want to include?....the buying and selling costs will be reflected in the P or L . Bit tricky with VAT. Costs you can add are those related to office, IT,subscriptions ,magazines, newspaper etc. Deductibility will depend on whether it's full time or part time
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RisseN
Contributor
Hi. Im not specifically looking to enter costs, it's just that on SARS efiling in the capital gains/losses section it has two fields. One for proceeds and one for costs. When this is entered it calculates your gain/loss. All this information correlates exactly to the 'report of gains and losses' that SBK OST provides for tax purposes. However that report is not available for derivates accounts. Perhaps im using the wrong section in my efiling? Basically im just trying to find out where to fill out my gain/loss for the year on my efiling. Thanks.
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RisseN
Contributor
What section of the efiling form do all of you use for your gains/losses for the year?
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CHATTYCHAT
Super Contributor
Note that the section for CAPITAL gains/loss is for what it says: results of CAPITAL nature. If you are a trader, you should be reflecting your results under the section which deals with Local Business, Trade and Professional Income. Might be worth your while to consult someone - even a SARS helpdesk - to establish the correct platform according to your profile.
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Rams
Super Contributor
agree...need to contact SARS to determine if you made income or capital gain
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