If you've only traded in warrants over the past tax year, do you a) put down your net gain amount (gains-loss)? or b) put down your total gains without subtracting your loss amount. According to the SARS website it says "If a person sustains an assessed capital loss for the year, that loss cannot be set-off against the persons taxable income, but it is carried forward to subsequent years, for set off against any future taxable capital gains." Since I didn't make a net loss, does that still affect me? This is the first time I'm doing a tax return with CGT so please, excuse my ignorance
you would need to declare your net p&l. i don't see warrants qualifying for cgt, think you're going to have a tough time convincing sars a derivative instrument is capital and not revenue in nature (i.e. you're not a warrants trader). assuming it won't qualify for cgt you're going to pay on your net p&l @ your marginal tax rate as part of your total taxable income. also ensure you have a warrants account and a share account separately so you don't taint potentail cgt gains with warrant p&l in future, just makes it easier to control. i would recommend getting hold of an accounting / tax advisor (even if you have to pay a small fee) and getting it sorted out so you know for future reference. good luck.