Each year I need to be reminded to file our income tax. While we bemoan having to pay tax, we were also glad that we have income! That means we have jobs and that the salary was high enough to attract income tax.

For as long as I remember, my own income tax was above $20k per year. My wife's tax was much less. As I am on the giro payment scheme, I don't feel the pain as much.

But after each filing, I will still wince in "pain" when I see what I had to pay. This year, I will have to pay $29k in income tax. This was after I have made several donations (eg the NUS 110th year celebration, church welfare societies etc) that attracted 3x tax deduction.

The monthly giro payment of about $2500 to income tax meant that our monthly family expense exceeds $12,000 per month or about $150k per year plus/minus.

When we retire, and with no more income tax, and with just 1 car, and children working, I estimated that our household expense will drop to $8k per month, well within our passive income.