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Gideon said: 26 August 2025 at 15:00 In June 2023 I transfered etherium from binance to Valr in order to withdraw but I made a mistake and sent it on the wrong chain which means I lost it all. Can I claim this from sars as a loss and is it worth it? |
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TaxTim Alicia said: 29 August 2025 at 14:19 It's important to note that each trade is a transaction you need to declare to SARS. In other words, each trade is seen as a sale and must be declared. Therefore, yes, you can account for the loss (if you traded the crypto assets). Any income received or accrued from cryptocurrencies are taxable because SARS sees cryptocurrencies as intangible assets. When declaring your cryptocurrency, the biggest question you need to ask if it is the nature of revenue or capital. Please see our Cryptocurrency and Faq On Crypto blogs for more information. The blog will explain how this income would be taxed, where on your tax return you should declare it and how this inclusion will change your tax liability to SARS. |
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