Forex Trading Fees

To determine the taxable profit from your forex trading, all expenditures spent must be subtracted from the gross revenue of the transaction. The profit gained will or must be added to your other earnings and then used to the tax tables to determine your tax liability. As a result, forex traders should retain all documentation and records related to their trading activity. Convert your profit to South African rand where and when appropriate.

Forex traders who are considered South African residents must report all of their forex trading revenue and earnings on their annual tax forms. The reason for this is that if you are considered a tax resident, you will be taxed on all of your earnings (local and foreign).

Top ten tax saving tips:

The suggestions below are general in nature and may or may not apply to your specific tax situation.

• Contribute towards a Retirement Annuity Fund

• Open a Tax-Free Savings Account

• Donate to a SARS approved/ registered Charity Fund

• Join a Medical Aid Scheme

• Keep a logbook if you receive a travel allowance

• Keep a logbook if you drive a company car

• Claim commission related expenses if you are a commission earner

• Claim business travel if you are a commission earner

• Claim your daily costs if you receive a subsistence allowance

• Claim expenses if you earn a non-salary income