Leave payout when resigning

samr1wp said:
yeah damn ..if you have alot of leave they will tax you like mad
Click to expand...

Like I say it depends how they pay it out. If they pay in one sum together then yes. If you can get them to split it into 2 amounts, they'll tax them separately at the lower bracket. That's what happened with me just now.
 
cerebus said:
Like I say it depends how they pay it out. If they pay in one sum together then yes. If you can get them to split it into 2 amounts, they'll tax them separately at the lower bracket. That's what happened with me just now.
Click to expand...

At the end of the day it's income and sars doesn't give a toss how many payments you got, it will all balance out to the same tax liability come assessment time.
 
cerebus said:
I got a sweet leave payout with my previous job this last month. They broke it into 2 payments, so the salary and the leave were taxed individually. Came out to about 1.5x a single month's salary which helped a lot with the baby. Plus my pro rated bonus was paid.
Click to expand...

pro rata bonus

can you hold a company liable for that ?
 
Intriguing, I didn't know they had to cancel the leave...

What about leave that has involved large expenses (such as overseas holiday).
 
I have about 122 days of accumulated leave, at some point we were forced to sell off leave if we had too much. With all tis talk of leave being capped, I think I should use up as much as possible. Maybe take 3 months off a year till I reach the cap. Will look into it though.
 
samr1wp said:
pro rata bonus

can you hold a company liable for that ?
Click to expand...

My previous company took part of income aside and allocated it for bonus. You also had the option of receiving it monthly in your normal salary. So it was actually being held in a form of savings for me.
 
yaeger said:
I have about 122 days of accumulated leave, at some point we were forced to sell off leave if we had too much. With all tis talk of leave being capped, I think I should use up as much as possible. Maybe take 3 months off a year till I reach the cap. Will look into it though.
Click to expand...

You should never have been allowed to rack up so much accumulated leave to begin with.
Your manager is supposed to make sure that your leave balance is managed properly and that you don't go over 30 days unless you arranged with them in advance that you are saving up for an extended holiday.
 
Sinbad said:
At the end of the day it's income and sars doesn't give a toss how many payments you got, it will all balance out to the same tax liability come assessment time.
Click to expand...

Very true. I ended up paying on my tax last year because of my previous employer worked my tax out incorrectly with my leave
 
Revive!

So I received my final paycheck from my company and the leave payouts are missing.Upon querying this with HR they said it will happen next month only after I leave.Is this allowed?
 
Batista said:
Revive!

So I received my final paycheck from my company and the leave payouts are missing.Upon querying this with HR they said it will happen next month only after I leave.Is this allowed?
Click to expand...
Yes.

I think the BCEA allows for payment within 7 days after your last working day. They cannot hold it off until the end of next month with the next payroll run.
 
signates said:
Yes.

I think the BCEA allows for payment within 7 days after your last working day. They cannot hold it off until the end of next month with the next payroll run.
Click to expand...


Thanks, do you have this in black and white somewhere?Im trying to search but having no luck.
 
Dolby said:
Sorry to revive this old thread - but is the employer allowed to put a clause in saying no more than x amount be accumulated - and on resignation, an employee will forfeit the rest?
Click to expand...
Reviving old post, but yes, they can state that you're not allowed to roll over more than for example 10 days of leave per year, you have to take the remainder, or forfeit it.
 
When I left the last company I worked at I think I only worked for a week but was paid for the entire month due to the amount of leave that was owed to me
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X