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Thread ID: 140444	2015-10-13 05:34:00	Best time to retire	rny (6943)	PC World Chat

Post ID	Timestamp	Content	User
1409782	2015-10-13 05:34:00	I am nearing my retirement date and have planned on end of March next year as the time. As I am due to collect a substantial amount in unused leave, what would be the tax situation given my timing of 30 March? Would there be any monetary advantage in terms of tax liability if I was to work a few days into the new financial year? I have spent some time on the IRD website, but cannot find anything on that topic specific to my situation. FYI, 30 March is the date at which I become entitled to some long service leave, and as there is no pro rata provision from my employer, better in my pocket than theirs. Rny	rny (6943)
1409783	2015-10-13 05:41:00	Now if I could despite being only 48. Had last summer off on a sabbatical best few months I've had for a long while.	gary67 (56)
1409784	2015-10-13 06:14:00	I am nearing my retirement date and have planned on end of March next year as the time. As I am due to collect a substantial amount in unused leave, what would be the tax situation given my timing of 30 March? Would there be any monetary advantage in terms of tax liability if I was to work a few days into the new financial year? I have spent some time on the IRD website, but cannot find anything on that topic specific to my situation. FYI, 30 March is the date at which I become entitled to some long service leave, and as there is no pro rata provision from my employer, better in my pocket than theirs. Rny When you retire you die.	prefect (6291)
1409785	2015-10-13 06:21:00	You might want to get some proper advice - there could be disadvantages to having a lump sum of 'earnings' paid in the same FY as your pension being your primary income.	fred_fish (15241)
1409786	2015-10-13 06:23:00	Too much to do Prefect, wont have time to die. Rny	rny (6943)
1409787	2015-10-13 06:33:00	I am nearing my retirement date and have planned on end of March next year as the time. As I am due to collect a substantial amount in unused leave, what would be the tax situation given my timing of 30 March? Would there be any monetary advantage in terms of tax liability if I was to work a few days into the new financial year? I have spent some time on the IRD website, but cannot find anything on that topic specific to my situation. FYI, 30 March is the date at which I become entitled to some long service leave, and as there is no pro rata provision from my employer, better in my pocket than theirs.Rny Retire at the end of taking that annual leave, if you are allowed to. Otherwise it becomes a lump sum and you pay whatever tax rate that is then, then put in your tax return for 2017. All the best for your upcoming retirement. lurking.	Lurking (218)
1409788	2015-10-13 07:29:00	Cheers Lurking, my main concern is what tax liability the accum leave pay would accrue, if I finished in 2015 as opposed to a short time later in the next tax year. Don't want to be faced with a large tax bill a year into my retirement as has been indicated as a possibility by some work colleagues, who, I doubt know too much about the subject. Rny	rny (6943)
1409789	2015-10-13 09:30:00	Too much to do Prefect, wont have time to die. Rny They always say that.	prefect (6291)
1409790	2015-10-13 17:35:00	I'm not afraid of dying. I just don't want to be there when it happens. Ken	kenj (9738)
1409791	2015-10-13 18:18:00	As I am due to collect a substantial amount in unused leave, what would be the tax situation given my timing of 30 March? It makes no difference what day you stop. IRD will take the tax from the extra pay anyway..... Prefect - my dad retired just before age 60, which was the age then - due to health reasons. He died aged 80. Husband retired aged 65, he isn't dead yet....and he basically has retired as in not doing self employed work now... We die regardless of working or not working. Plenty of people are dead before they even get to retirement age.	pctek (84)
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