Thank you for your email regarding terminal tax.
The reason the penalties have been charged is that the provisional assessment is usually based on the residual income tax (RIT)for 2011 but as the 2011 return was not filed before the first provisional tax instalment was due it is based on the 2010 year. The provisional assessment for 2012 was $5025.00. Then as the RIT was under the $2500 for 2010 they are not liable for the first two prov tax instalments for 2012, therefore when the 2012 Income tax return is filed the RIT is lower than than the provisional tax assessment therefore the provisional tax assessment is the same as the RIT for 2012. The only provisional tax instalment was due on the 28 June 2012 $3591.64. Your client had only paid $2562 therefore was short by $1029.64 and this is the reason penalties have been charged.
Liberty and freedom are two proud words that have been executed from the political lexicon: they were frog marched and stood before a wall of blank minds, then forcibly blindfolded, and shot, with the whimpering staccato of ‘equality’ and ‘fairness’ resounding over and over. And not only did this atrocity go unreported by journalists in the mainstream media, they were in the firing squad.
The premise of this blog is simple: the Soviets thought they had equality, and welfare from cradle to grave, until the illusory free lunch of redistribution took its inevitable course, and cost them everything they had. First to go was their privacy, after that their freedom, then on being ground down to an equality of poverty only, for many of them their lives as they tried to escape a life behind the Iron Curtain. In the state-enforced common good, was found only slavery to the prison of each other's mind; instead of the caring state, they had imposed the surveillance state to keep them in line. So why are we accumulating a national debt to build the slave state again in the West? Where is the contrarian, uncomfortable literature to put the state experiment finally to rest?
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