Accurate crypto taxes. No guesswork.

Yes, crypto assets are subject to taxation. SARS requires all income earned from crypto asset transactions to be declared in your annual tax return. Income from crypto assets can be classified either as revenue (income tax) or capital (capital gains tax), depending on the nature of the transaction and the intention behind holding the asset.Income tax: If you actively trade, mine, or receive crypto assets as payment for goods or services, the income is considered revenue and is taxable under normal income tax rules. Capital Gains Tax: If you hold crypto assets as long-term investments and then dispose of them, any profit made is subject to CGT.

SARS may be aware of your cryptocurrency holdings and transactions. While SARS has not explicitly detailed its monitoring methods in the provided documents, they have indicated an increased focus on crypto compliance. South African exchanges and financial institutions can report user data to SARS. Failure to declare crypto income or gains can result in penalties, interest, or legal action. Furthermore, SARS is enhancing its capabilities to monitor crypto activities through international cooperation, and advanced analytics. It's crucial to report all crypto-related activities on your tax return. If you've underreported in the past, consider using SARS' Voluntary Disclosure Program (VDP) to rectify your tax compliance with reduced penalties.

Respond Promptly to SARS Nudge Letters: If you receive a nudge letter from the South African Revenue Service (SARS) regarding your cryptocurrency activities, it's crucial to act within the specified 21-day window. Ignoring the letter can lead to more severe consequences, such as a full audit and loss of eligibility for the Voluntary Disclosure Program (VDP).Utilize the Voluntary Disclosure Program (VDP): If you've identified any non-compliance in your crypto tax reporting, consider applying for SARS' VDP. This program allows you to rectify issues with reduced penalties and demonstrates your willingness to comply with tax laws.Seek Professional Assistance: Navigating crypto tax obligations can be complex. Engaging a tax professional experienced in cryptocurrency taxation can help you respond appropriately to SARS' communication, ensure full compliance, and avoid potential penalties or legal repercussions.

Taxpayers are required to maintain detailed records of all crypto asset transactions, including dates, values in Rand, purposes of transactions, and parties involved, for at least five years

If the expenses are incurred in the production of income and meet the requirements set out in the Income Tax Act, they may be deductible.

South African residents are taxed on their worldwide income. Crypto assets held offshore must be declared, and income or gains are subject to South African tax laws.

Standard income tax thresholds and exemptions apply. There are no specific exemptions for crypto asset transactions beyond what is generally available under tax law.

Income Tax: Report income from crypto assets under 'Other Income' in your tax return. Capital Gains Tax: Declare capital gains or losses in the Capital Gains Tax section.

Yes, Crypto Tax Calculator is designed to generate accountant friendly tax reports. You simply import all your transaction history and export your report. This means you can get your books up to date yourself, allowing you to save significant time, and reduce the bill charged by your accountant. You can discuss tax scenarios with your accountant, and have them review the report.

We cover hundreds of exchanges, wallets, and blockchains, but if you do not see your exchange on the supported list we are more than happy to work with you to get it supported. Just reach out to [email protected] or via the in-app chat support feature and we will get you sorted.

We do! We have integrations with many NFT marketplaces, as well as categorization options for any NFT related activity (minting, buying, selling, trading).

The platform is free to use immediately upon signup, allowing you to import your transactions and take advantage of our smart suggestion and auto-categorization engine, portfolio tracking, DeFi and NFT support. For access to reports, the tax loss harvest tool or chat and priority support, you will need to upgrade to the appropriate paid plan.