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Anton says: 12 July 2016 at 23:22 I am a full time employee, earning a salary every month. I recently started trading Forex and understand that the profits will be added onto my existing income for the year and taxed accordingly. I would like to know what kind of expenses can be deducted from tax that is paid on the profits for that year. Can I deduct my "office space", adsl / fibre internet (full monthly subscription), % of municipal bill, interest on bond, etc as all of these items are used to generate or assist in generating the extra income. What documentation would you need to provide SARS with that is proof that you are using your internet for instance to generate this extra income? |
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TaxTim says: 13 July 2016 at 7:34 You are indeed able to deduct all expenses incurred while generating the Forex earnings, but as with all tax laws you are limited to claim the above mentioned on a portion basis, meaning yes you can claim for home office expenses, internet and any other expenses you had to foot while generating this income but only the portion you used for this business. So if you used the adsl/fibre connection for personal use too for about 20% of the time, you can only claim 80% of this expense. You can claim for a portion of the electricity used too. |
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