Terminal Tax
Mar 11th 2009, 5:00 am
#1
BE Enthusiast
Thread Starter
Joined: Feb 2006
Posts: 440
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!!!
Cheers
Ash
Cheers
Ash
Mar 11th 2009, 10:56 am
#2
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
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).
