Do you have any idea how much tax will you pay from today until you retire?
Go to our tax calculator and enter your annual salary. Copy the tax portion and get back here and enter into this calculator. You'll get frustrated even more on how much tax our government is wasting just from you :))
There are also a number of Assumptions that need to be taken into consideration:
- We assumed you will retire at age 65 which is a default retirement age in Australia at the moment. After you see the results you can edit that number to see the new figure.
- We assumed that your income will raise in line with inflation, i.e. 3 %.
Inflation Rate in Australia averaged 5.16 percent from 1951 until 2015 and Reserve Bank of Australia is trying to keep it between 2% and 3% from the early 1990s.
ALTERNATIVE USE: This calculator can help you estimate just how much you could earn from the time you start working until the time you retire. Enter your annual salary and age and see how much you will earn in a lifetime. The number may just surprise you!