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Home Taxes

How is your TAX affected when you change jobs

iBusiness Staff by iBusiness Staff
January 11, 2020
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Tax and Changing Jobs

Tax and Changing Jobs

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Tax and Changing Jobs
Tax and Changing Jobs

We all thrive for success, a better life with fruitful benefits – sometimes change is good, especially in this case, where you might find yourself in and out of different jobs. Getting a new job is always something to look forward to, it exhilarates excitement and yet we never really consider our taxes.

No worries, all that it takes is providing your new employer with your TAX Numbers so you can continue to pay PAYE to SARS. That’s it.

It is imperative to tell your employers if you are working for more than one, in an effort to avoid the wrong taxation regardless if your overall payments exceed R60 000 for a year.

Please take note that even if your employment is non-standard, your employer has to register you for tax with SARS. SARS consider non-standard employment as commission-based jobs and/or when paid-daily, in this case, you will be taxed 25% of your income. Your tax contributions are subject to be refunded if your tax year income doesn’t warrant the tax.

Documents to provide your new employer

Assuming you are an already registered taxpayer, there are documents you need to provide your employer(s). Remember to let them know how many employers you work for if it’s more than one. Here are the documents needed:

  • Your banking details (However, you are paid through a third party, or in cash – your employers don’t have to provide SARS with your banking details)
  • Your residential address

(Important note to remember: If you are not registered for tax, your employer will register you), changing jobs will also affect your pension planning, as:

“At the moment in law, you are allowed to deduct the money you pay into your retirement annuity by up to 15% of your non-pensionable income against your tax” – SARS quoted from the SARS website.

It is your responsibility to find out what pension provision is offered by your new employer.

iBusiness Staff

iBusiness Staff

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