Current Issues: Crypto Assets and Taxation


Date: Jul 12, 2022 - Jul 12, 2022

CPD hours: 2 Hours

Time: 15:00 - 17:00

Event Type: Webinar

Presenter: Chris Herbst
Presenter: Joon Chong

The crypto asset space is increasing in both adoption and complexity. Currently, a fraction of crypto asset traders are reporting their tax. As enforcement increases, we will see a lot of activity in this market. It is thus essential for tax professionals to stay updated with the fundamental of crypto asset taxation.

 

#WATCHThe crypto asset space is increasing in both adoption and complexity. Currently, a fraction of crypto asset traders are reporting their tax. As enforcement increases, we will see a lot of activity in this market. It is thus essential for tax professionals to stay updated with the fundamental of crypto asset taxation.


Overview

Cryptocurrencies have entered the mainstream in the past few years, attracting the attention of the South African Revenue Service (SARS). SARS actively started to audit cryptocurrency investors, demanding proof of transactions from various crypto investment platforms.

The tax implications of cryptocurrency trading and investing remains a contentious issue, in part due to the complexity around crypto-related transactions, including:

  • Hard forks (where one cryptocurrency splits into two separate ones).

  • Airdrops (where a new cryptocurrency is sent to owners of an existing cryptocurrency).

  • Staked rewards (where a cryptocurrency earns you a type of interest).

  • Crypto bartering.

  • Mining and VAT considerations.

It is essential for tax professionals to stay updated with the latest developments and the complexity around crypto-related transactions.


Webinar content

In this webinar, we will cover the following:

  • Fundamentals of crypto tax.
  • The income vs capital gain question for crypto-asset transactions.
  • Mining and staking taxation.
  • International tax authority trends and the first court cases.
  • Completion of tax returns for transactions of cryptocurrencies.
  • Are gains capital or revenue in nature?
  • Section 9C and the three-year rule.
  • Practical issues with tracking gains and possible solutions.
  • Crypto airdrops.
  • Crypto bartering.
  • VAT considerations.

Competencies developed in this CPD

After attending webinar, you will be:

  • Updated on the fundamentals of crypto tax.

  • Competent to assess income vs capital gain for crypto asset transactions.

  • Able to inform clients of the taxation on mining and staking crypto transactions.

  • Updated on important international tax authority trends regarding crypto taxation and the first court cases.

  • Able to assess practical crypto tax scenarios.


Presenters

Chris Herbst

Honours Business Management, Computer Science, Certified Bitcoin Professional

Chris Herbst is the managing director at CH Consulting. He completed an Honours in Business Management at the University of Stellenbosch in 2008. Subsequently, he continued his studies in taxation, commercial law and auditing while doing his articles at a Stellenbosch firm. In 2012, he founded CH Consulting which specialises in tax advisory, tax structuring and crypto tax. In 2015, he completed a Computer Science degree specialising in Computer Science and Mathematical Statistics at the University of Stellenbosch whilst occupying his role as director. In 2022, CH Consulting launched CountDeFi (a DeFi and Crypto regulation and tax centred product with an educational YouTube channel). Chris is also a practicing member of the South African Institute of Taxation (SAIT) and a Certified Bitcoin Professional (CBP).

Joon Chong
Tax Specialist: LLM (Taxation), LLM (Corporate Law), LLB, Advanced Certificate in Tax Practice, Chartered Certified Accountant (FCCA)

Joon is a tax specialist. She is an admitted attorney and a fellow member of the UK global body of professional accountants, the ACCA. She assists clients with tax opinions, ruling applications, voluntary disclosure applications, SARS investigations and audit queries, objections and appeals, alternative dispute resolution and tax litigation and penalty and interest remission applications. She also has experience in group restructures, due diligence investigations, structuring of offshore intermediary holding companies, employee share incentive schemes and mergers and acquisitions. Joon regularly participates in making submissions to SARS and National Treasury on draft tax bills and other practical tax issues affecting taxpayers. She also has experience in dealing with the specific tax issues facing companies in business rescue. Her expertise has been recognised by Best Lawyers 2022 as a leading individual.

She has completed an LLM in Tax Law from the University of Pretoria, an LLM in Corporate Law with distinction from the University of Johannesburg and an LLB degree from the University of Cape Town. She has also completed an Advanced Certificate in Tax Practice with distinction from the University of Pretoria and passed Levels 1, 2 and 3 of the Chartered Financial Analyst (CFA) examinations.


CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.


Event Investment

CPD Subscribers: 100% discount for all 2022 CPD subscribers. Not a CPD subscriber yet? Click here to register now.

Regular price: R495.00

SAIT member: R395.00

Group price 1 (max 5 people): R950.00

Group price 2 (max 10 people): R1 800.00

Group price 3 (max 15 people): R2 500.00


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