The Tax Man Situation (TTMS)

[CHATTYCHAT]

Anyone got a view with regards to your well-earned profits being taxed @ marginal rates as from this tax year? So, if your'e out of the tax net (which I doubt you are) all is well and you may sit back and enjoy the ride. Else, if you're not a serious investor (holding on to that precious portfolio for 36 months) you will find that the yearly tax certificate will introduce TTMS by June '2008.

[Preston]

As far as i know that all profit is subject to capital gain tax... and as individual only 25% will be included in your taxable income of which maximum (if possible) of 40% will be taxed.So technically if R100.00 is capital gain ...then R25 will be included in taxable income and if taxed at 40% then only R10 tax will be paid.

[Champ_golfer]

Yes effectively 10% tax on difference between basis cost and Sales proceeds Costs include selling and buying fees, brokerage etc.

[barry_1]

i would have liked to continue paying capital gains tax,but alas as i have too many trades during year with my turn over i've been declared a trader,which means i pay on my profits after losses and expenses have been subtracted!Not all bad news though as i now can claim part of my phone account,computer and house as legit expenses.Perhaps i should buy a quater of one share in Hathaway fund ,then claim expenses to go overseas to gain more knowledge/advice as well as look for business opportunities etc.Of course would have to take Naomi with as personal (very personal)assistant!