How to Legally Reduce your Crypto Tax Bill
While you can’t completely avoid crypto taxes, there are several legal strategies you can use to plan your taxes and reduce your overall liability. What strategies, such as harvesting unrealized losses, utilising tax rebates, and other legal steps to lower your crypto tax burden? We answer this question, on this episode.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Dale Russell, Director of TrustReserve Solutions Limited and Moore Blockchain and Digital Assets JHB.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
How to Calculate your Crypto Tax
Crypto tax calculations in South Africa generally fall under either Capital Gains Tax or Income Tax. Traders are taxed on their entire crypto profits, deducting any allowable expenses, at their normal income tax rate. Investors, on the other hand, are taxed on 40% of their capital gains, with an annual allowance of R40,000. What are key methods used to calculate crypto tax for both traders and investors? On this episode, we answer this question.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Dale Russell, Director of TrustReserve Solutions Limited and Moore Blockchain and Digital Assets JHB.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
How much Tax do you Pay on Crypto
The tax on crypto in South Africa varies based on the transaction type, the applicable tax rule, and your income level. How much tax South Africans should expect to pay on different crypto transactions? On this episode, we answer this question.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Dale Russell, Director of TrustReserve Solutions Limited and Moore Blockchain and Digital Assets JHB.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Getting Paid in Crypto
Receiving payments in crypto, whether for services or as a salary, is becoming more common.What are the tax implications when accepting payments in crypto? On this episode, we’re here to answer those questions.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Wiehan Olivier, Partner as well as FinTech & Digital Assets Lead for Forvis Mazars in South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Paying for Goods and Services with Crypto
Using products like Luno Pay, paying with crypto has become easier. For example, at Pick n Pay, you can use your Luno app to scan a QR code at the till and pay with crypto. What are the tax implications when paying for goods and services with crypto? We answer this question, on this episode.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Wiehan Olivier, Partner as well as FinTech & Digital Assets Lead for Forvis Mazars in South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Selling Crypto for Another Crypto
When you sell one cryptocurrency to buy another, it’s considered a taxable event, even if the transaction doesn’t involve converting crypto to ZAR. What are the tax implications of these crypto-to-crypto transactions? On this episode, we answer this question.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Wiehan Olivier, Partner as well as FinTech & Digital Assets Lead for Forvis Mazars in South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Staking
Staking allows you to earn rewards for helping to validate transactions on a blockchain network. With Luno, you can easily stake assets like Ethereum, Solana, and Cardano. We asked Wiehann, if staked crypto assets can be considered as capital, and how are the rewards from staking classified for tax purposes? Are they subject to Income Tax, and what should stakers be aware of? On this episode, we’re here to answer those questions.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Wiehan Olivier, Partner as well as FinTech & Digital Assets Lead for Forvis Mazars in South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Natural Person vs Legal Entity
Luno allows users to open a Business Account to trade or invest in the name of a company. We asked Jashwin, if he could explain when a company's tax rate applies and how the calculation of crypto tax might differ from that of an individual? He provides us with an answer to this question, on this episode.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Jashwin Baijoo, Associate Director, and Head of Crypto Asset Compliance at Tax Consulting South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Traders and Short-Term Investors
Traders and short-term investors, or speculators, frequently trade crypto assets, often disposing of them when opportunities arise to make a profit. These individuals are taxed on their entire crypto profits, deducting any allowable expenses, at their normal income tax rate. How does one distinguish between a trader and a short-term investor, and when does one pay Income Tax on crypto transactions? On this episode, we answer those questions.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Jashwin Baijoo, Associate Director, and Head of Crypto Asset Compliance at Tax Consulting South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Long-Term Investors
A long-term crypto investor is someone who holds onto a crypto asset for an extended period, anticipating long-term growth. These investors are generally taxed on capital gains or losses. On this episode, Jashwin, explains how long-term crypto investors are taxed, and draws a comparison to the tax treatment of shares.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Jashwin Baijoo, Associate Director, and Head of Crypto Asset Compliance at Tax Consulting South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Clarifying Misconceptions about Crypto Tax
There’s a widespread misconception that crypto asset transactions are completely anonymous and untraceable. While the blockchain is a public ledger, making transactions pseudonymous (sooy-doh-no-mus) rather than fully anonymous, it’s crucial to understand that tax authorities like SARS typically rely on exchanges for transaction data when determining tax liabilities. Wiehann and Jashwin, share some of the most common misconceptions about the taxation of crypto assets in South Africa, on this episode.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by some leading experts who will help demystify the world of crypto tax:
Jashwin Baijoo, Associate Director, and Head of Crypto Asset Compliance at Tax Consulting South Africa.
Wiehan Olivier, Partner as well as FinTech & Digital Assets Lead for Forvis Mazars in South Africa.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
Is any Crypto Tax Free
Every tax season, questions about crypto tax liabilities spike in online forums, media, and even through our customer support channels. Some say that all regular tax rules apply to crypto, but even that isn’t always clear in its application. Dale shares instances when crypto transactions are actually tax-free, on this episode.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by a leading expert who will help demystify the world of crypto tax:
Dale Russell, Director of TrustReserve Solutions Limited and Moore Blockchain and Digital Assets JHB.
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
It’s tax season in South Africa, and as you gather your documents and prepare to file your return, you might be wondering—what about your crypto transactions? Do they fall under the same tax rules? Are you liable for taxes on your crypto holdings? On this episode, we’re here to answer those questions.
Hosted by Christo de Wit, Country Manager, Luno South Africa. We’re joined by some leading experts who will help demystify the world of crypto tax:
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Luno (Pty) Ltd is an authorised FSP, reg no. 53314. The information does not constitute financial or tax advice, nor a solicitation to trade. Luno makes no warranties or representations as to the veracity of any information provided by guest speakers. Tax consequences depend on your individual circumstances as a taxpayer. You should always consult with your own tax advisor for definitive advice.
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