Terminal Tax

Old Mar 11th 2009, 5:00 am
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Default Terminal Tax

Any of you guys know what Terminal Tax is? Just paid my personal tax and then got hit with an extra bill of $362-66 each for me and the mrs!!!
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Old Mar 11th 2009, 10:56 am
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Default Re: Terminal Tax

Are you self employed or do you own a business? Usually you estimate up front what tax you will owe at the end of the year and pay a provisional sum in advance (Provisional tax), then at the end of the year they see what you actually owe and any remaining tax liability is the difference you have to pay (Terminal Tax).
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