I want to become a Forex Trader and would like you to advise me on how do I go about? (do I need to form some sort of form from SARS for tax or the money/profit that I will be receiving from overseas would be already taxed and if so what is the name or type of that Tax)
The tax threshold for 2017 tax year (1 March 2016 - 28 Feb 2017) is R75,000 per year. Therefore, if you earn below this amount in a tax year you don't need to pay tax.
Assuming you earn a profit (i.e. income less expenses) above R75,000 in a year, you will need to register for Provisional Tax and pay tax twice a year. You can deduct all business related expenses off against your income e.g. internet, telephone etc
You will need to declare your income and expenses within the "Local Business, Trade and Professional Income" section of your tax return.
Please Register for TaxTim and let us assist you with your tax return completion and submission to SARS.
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