Make Tax Time Less Stressful

Kelly Pillay.
Kelly Pillay.

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 the KLI Group in Cockburn Central. She said most of the confusion came from a lack of understanding about how tax worked, what could be claimed and bad record keeping.

“Keep all of 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 just 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.

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