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Just a quick one for a co worker of mine,
His Son is 16 years old and started the Crypto mining hobby, which is making a bit of money now.
The son is not keeping it in crypto, he is converting it to ZAR as soon as it becomes available
Does this affect the co-workers tax?
(Note the Minor does have his own Tax Number for the past 5 years, from a once off photo shoot where he earned money 5 years ago, and they required the tax number before paying him, which resulted in him paying 25% tax and in the end got a full refund for being below the annual threshold.)
The co-worker is a provisional tax payer and just wants to know if the crypto income of his son should be added to the adults' provisional tax calculation?
If not, they I think the Son should complete a provisional tax form right?
His Son is 16 years old and started the Crypto mining hobby, which is making a bit of money now.
The son is not keeping it in crypto, he is converting it to ZAR as soon as it becomes available
Does this affect the co-workers tax?
(Note the Minor does have his own Tax Number for the past 5 years, from a once off photo shoot where he earned money 5 years ago, and they required the tax number before paying him, which resulted in him paying 25% tax and in the end got a full refund for being below the annual threshold.)
The co-worker is a provisional tax payer and just wants to know if the crypto income of his son should be added to the adults' provisional tax calculation?
If not, they I think the Son should complete a provisional tax form right?
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