Hi, I would like to enquire what expenses are commonly claimed by the traders? Atm I have the OST monthly fee, brokerage costs, laptop depreciation, data costs etc. Any other allowable deductions? Provisions?
it would be a good idea to get input from a properly qualified accountant if your activity is 'significant" enough in financial terms to warrant this.while I am no trader I am a full time investor for the last 19 years and after getting advice I set up a cc and I claim all expenses that a company can where it is used to assist me in my investment activities-these are too numerous to mention but I pay myself a salary and set up a provident fund to protect me if I really stuffed it up.obviously if you trade in your personal capacity then what you can claim if anything will be limited
brainware-its like a pension fund-my cc contributes a percentage of my salary into the provident fund which is administered by an insurer who invests the net proceeds of the contribution within the regulations-its done an average return of 16% over 19 years and I am happy with that-basically your money doubles in under 5 years.I was new to investing when I started and the provident fund was my back up plan-you could use an RA as another option as I have one of those as well-u can see with this mindset I would be a useless trader
Brainware-I cannot claim it as mine.many small businesses have pension or provident funds or both for their staff-with umbrella schemes a one man fund is quite possible as long as you make the minimum contributions required by administrator.In SA it seems fairly obvious that you have to make provision for your retirement or work till u drop