TIME TO TAKE STOCK

Pilbara News - - Lifestyle -

Kane Jiang says tax time is a good time of year to review what you have been spend­ing on. “As part of the process as well, you may be re­view­ing ac­tual house­hold ex­penses, and you can com­pare them to your an­nual house­hold bud­gets,” he says. “Have you been spend­ing too much on elec­tric­ity this year? Why? Is it time to in­stall so­lar pan­els or up­grade light­ings to LED lights to save cost for the fu­ture? Have you spent too much on the chil­dren’s gad­gets? “Once you have an­swered th­ese ques­tions, you can then up­date the fam­ily bud­get, hence it is a good time to plan for the next year.” Mr Jiang recommends re­view­ing your life­style and ca­reer goals for long, medium then short term, trans­lat­ing them into dol­lars if pos­si­ble. “See what sur­plus you have in the bank, and con­sider if it is a good time to in­vest,” he says. “Re­tail­ers sell­ing ve­hi­cles and house­hold goods gen­er­ally tend to have (sales). Is it the mo­ment to up­grade the car since they are sell­ing cheaply? If you are in busi­ness, can you take ad­van­tage of the small busi­ness as­set write-off ? “Or is there sur­plus to be in­vested to su­per for re­tire­ment? Th­ese are all the ques­tions to ask your ac­coun­tant and fi­nan­cial ad­vis­ers while you’re on the phone with them any­way to make an ap­point­ment for a tax re­turn meet­ing.”

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