Nostalgia for 50s just dreaming
Monday 27 September 2004
Q: I wonder if you could tell us just what we are getting when we have a term deposit.
We are given an annual interest rate, but what is the actual after-tax rate and how much does that become at the end of the year?
It would be good to have a chart that showed, for $5000 for one year at different interest rates, the after-tax rate and dollar amount of interest for
By The Landlordthose paying 19.5 per cent tax, 33 per cent tax and 39 per cent tax.
A: Rather than showing you for just $5000, I'll give you some formulae that you can use on any amount of money and any interest rate.
The way the tax system works, it's more accurate to say those with taxable income of less than $38,000 are in the 21 per cent tax bracket, rather than 19.5 per cent.
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