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Payable tax if you did not work for the entire financial year.

Posted 9 March 2016 under Tax Questions


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Bob says:
9 March 2016 at 8:18

In the event that a person only worked for half of a financial year, should he or she fall to a lower tax bracket if you look at the total yearly income? So lets say I earn 30000 rand per month, but I only worked for three months in the financial year, should I still pay the same amount of tax as a person who earned 30000 rand per month for a whole year? or how does it work for people that didn't work the entire year?

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TaxTimTaxTim says:
9 March 2016 at 9:46

Tax is calculated based on your annual grossed up income for the year. Therefore, your tax would have been calculated on the basis that you earned R30,000 for 12 months. However, if you didn't work the full year, and have overpaid tax, you will receive a tax refund when you file your tax return.

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