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South African Tax Guide
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  • Cryptocurrency Tax Guide for South African Individuals
    • Recap
    • Tax Consulting South Africa
  • Cryptocurrency tax
    • Is Cryptocurrency Taxed in South Africa?
      • Tax Deadlines
    • Which Types of Taxes Apply?
      • Income Tax
      • Capital Gains Tax
    • Investor or Trader?
      • How to Know The Difference
    • Valuation of Crypto Assets
  • How To File Your Return
    • Record Keeping
    • Filing Your Tax Return
  • Transaction Types
    • πŸ’΅Selling Crypto for Fiat
    • πŸ“ˆTrading Crypto for Crypto
    • πŸ—³οΈHolding Crypto
    • πŸ”„Swapping Crypto
    • πŸ›οΈPurchases Using Crypto
    • 🎁Gifts to Other Persons
    • 🎈Airdrops
    • πŸ’ΈTransfers Between Wallets
    • 🀝Staking
    • ⛏️Mining
    • πŸ‘›'Employment Income'
    • 😰Lost / Stolen Crypto
    • 🌊Liquidity Pools
    • πŸ–ΌοΈNFTs
    • πŸ’°DeFi Interest / Rewards
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  1. Cryptocurrency tax

Valuation of Crypto Assets

As many crypto assets are traded on exchanges without fiat conversions, the value of any gain or loss must be converted into South African Rands to declare on your tax returns. The statutory tax rules for foreign currency conversion must be followed in each case.

Where the transaction does not have a fiat value (for example if Bitcoin is exchanged for Ethereum) an appropriate value for the crypto assets at the time of the transaction must be established, in order to convert the transactional value to South African Rands.

Reasonable care should be taken to arrive at an appropriate valuation for the transaction using a consistent methodology. Details of the valuation methodology must be readily available, should this be a subject of enquiry.

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Last updated 2 years ago