the IRS and the tax deductions will be completed automatically, with each trade delivering income. These forms, however, constitute the more uncomfortable solutions to the problem. Is committed to providing our readers with a definitive and up-to-date picture of binary options trading in the. The easier solution is to operate in partnership with a US regulated Binary Options broker, as many of them will provide you with a 3rd, more effective alternative Fill in a tax declaration form. In a way, this shows the fact that regulators are late to the game, as they are in most other industries. Cases that have gone before the courts help to shed light on this. We must note that the forex market provides the potential for profit. Trading Binary Options in South Africa An important note for all traders who are interested in this type of online investment, is that binary options are legal in South Africa. Recording down all your transactions will make it easier for you to manage the tax preparation at the due date when you are supposed to file for your income tax. You can use a spreadsheet to keep track of the deposits/withdrawal as well as calculating how much you profit or loss.
For more official guidance on the meaning of trade, see guidance notes BIM. To know the exact category under traders earning fall into, check policy of taxation in South Africa. As mentioned above, industry of binary options isnt currently regulated by Financial Services Board. Shortly after, binary options become a popular field of interest among traders who wanted to earn money with binary options, knowing risk level where it is not possible to lose more money that amount invested at the beginning. How can customers report binary options income to tax authorities? There are no regulatory bodies who oversee brokers, available on South African market.