I am 21 years old and I have recently started Trading on the Forex Market to try and help finance my studies. I've been trained very well and am doing pretty well on the platform.
The course the I am going to be studying costs R 35 000,00. The thing is I need to withdraw that amount and still keep about R 10 000,00 in the account in order to keep the account 'tradable'. As well as have some money on the side to help me get through the month for petrol and so on and so forth.
The question I have is how much tax would I be paying for that withdrawal? And also what about future withdrawals which would probably be much higher then that?
You will be taxed on the income as trading income so as if you were buying and selling physical stock. At the end of the tax year being February 2015 you would add up the profit made over the period March 2014 - February 2015 and pay tax on that.
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