End of June need not be tax­ing

Southern Gazette (South Perth) - - Street Watch -

WITH the end of the fi­nan­cial year just days away, it is a time when we are forced to se­ri­ously con­sider our fi­nances. A 2014 White Pa­per re­leased by Ad­vo­cate Pri­vate Wealth showed 71 per cent of peo­ple spent less than one hour each week on per­sonal fi­nances. Of the 137 peo­ple sur­veyed, close to half wanted to ded­i­cate more time to their fi­nan­cial af­fairs. But tax time does not have to be a stress­ful, con­fus­ing and time-con­sum­ing chore. COCK­BURN fi­nance guru Kelly Pil­lay said tak­ing time dur­ing the year to get pa­per­work in or­der could take the stress out of tax time.

Ms Pil­lay is an ac­coun­tant, fi­nan­cial plan­ner and di­rec­tor of KLI Group in Cock­burn Cen­tral.

She said most of the con­fu­sion came from a lack of un­der­stand­ing about how tax worked, what ex­penses could be claimed and bad record keep­ing. “Keep all your re­ceipts and if you think it may be claimable, put it aside,” she said.

“Peo­ple of­ten think they need com­plex pro­grams, but I have one client who just keeps a shoe box in her room and she puts ev­ery­thing in and col­lates it once a year.”

Ms Pil­lay said peo­ple should meet with their ac­coun­tant be­fore the end of June.

“So many in­di­vid­u­als only come and see their ac­coun­tant af­ter the fi­nan­cial year is fin­ished and they’ve got their re­turn to be lodged,” she said.

“Un­for­tu­nately by that stage most of the as­sis­tance and tax plan­ning work can’t be done.

“You should look at your ac­coun­tant as part of your fi­nan­cial team.

“See­ing them be­fore the year is fin­ished al­lows them to re­view your per­sonal cir­cum­stances and as­sist you with plan­ning to max­imise your sit­u­a­tion.”

Ms Pil­lay said tax time should not be a stress­ful pe­riod.

“I see it as an op­por­tu­nity for peo­ple to sit down and talk about their per­sonal lifestyle goals and how money fits in with that,” she said.

“It’s a great chance to re­flect and cre­ate plans for the new year to im­prove.”

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