October 19, 2023

Unforeseen tax debt from crypto trading

Landing in a position of indebtedness to SARS can be quite a stressful journey on its own ─ but if you forget to leave room in your suitcase for the tax on your crypto profits or gains, the destination becomes all that more daunting. If you have engaged in crypto trading, even as a hobby, not knowing the underlying tax obligations may just take you to your final (unpleasant) destination! What is a crypto asset? The Taxation Laws Amendment Act 23 of 2020 concretised the classification of a ‘crypto asset’ ─ which, according to SARS, can be described as “a […]
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