Financial Planning for Demolition and Asbestos Removal Workers

We’re invested in your long-term success. What we do is personal, and we take it personally.

Your financial decisions connect, so we consider the parts of your financial life that are relevant to the advice you need:

• Property & Investing
• Career & Income
• Tax Strategy
• Insurance & Protecting Your Family
• Super & SMSF
• Wealth & Investments
• Life Events & Changes
• Business & Wealth
• Legacy & Future Wealth
• Retirement Planning

This is how we help you make decisions today with your longer-term goals in view.

Everybody’s situation is different, so we listen first, understand what matters to you and explain your options clearly before we make a recommendation.

Start with your regulator, as licence requirements differ by place and by the type of work. Depending on where you are, an application can ask for things like a registered business, a named supervisor and insurance certificates. Those certificates are for business insurance, which is separate from personal cover.

Points to plan:

• Application, training and insurance costs
• A buffer for the time before your first jobs are paid
• Super and tax on your own income, with an accountant
• Any cover through your super, read before you leave wages

We can cost the step with you, and a general insurance broker can explain the business cover.

Your accountant and financial adviser bring different expertise to the same decisions. Your accountant can advise on tax reporting, structures and consequences; we help you plan how cashflow, debt, super, investments and protection work towards your goals. We can coordinate before important decisions.

What an accountant does

• Prepares and lodges tax returns, BAS and financial statements
• Advises on tax structures such as companies, trusts and partnerships
• Manages bookkeeping, payroll and ATO compliance
• Provides tax advice on the consequences of a transaction

What a financial adviser does

• Sets a long term strategy across retirement, investing and cash flow
• Builds wealth from early in a working life, starting with cash flow, a first home and super
• Recommends specific super funds, investments and personal insurance
• Operates under an Australian Financial Services Licence, which is required to give personal advice on financial products
• Handles retirement planning, Centrelink and aged care strategy, and estate planning considerations

Professional roles and authorisations matter. We provide financial advice within our authorisations and work with your accountant for specialist tax advice and lodgements.

Where they work together

• Tax position. Your accountant confirms your marginal rate, deductions and carried forward losses, which shapes decisions on super contributions, investment structures and the timing of asset sales.
• Business and entity structures. Your accountant advises on the structure itself and your financial adviser works within it for investments, insurance and succession planning.
• Cash flow. Your accountant’s figures can help us understand what’s available for debt repayment, protection and longer-term goals.
• Before key decisions. We can coordinate with your accountant on contributions, asset sales and other material choices in time to consider relevant tax consequences.

Start with the hours you can rely on, rather than your busiest month, and treat anything above them as extra for savings and goals. A buffer can help with the time between jobs.

If you’re casual, Fair Work notes that casuals don’t get most types of paid leave, so that’s worth building in. If you work through labour hire, Fair Work says the labour hire employer is responsible for your pay and entitlements, even though you work for the host. We can build the budget with you from your own payslips.

Your regulator or training provider can confirm what’s required for the role and for where you work, so that’s the first stop. Then there’s the money side:

• The course fee, and any days you’d go without pay while you study
• Any change in pay, which your employer can confirm before you commit
• How much your budget can carry until then
• Any cover you hold, and how it records your job

We can weigh this up with you in your financial plan, so you can decide with the figures in front of you.

That depends on how you’re paid and what you hold. Places to look:

• Paid sick leave, if you’re employed and have it
• Workers compensation, through a state, territory or Commonwealth scheme, and each scheme sets who qualifies
• Income protection, if you hold it, which can pay part of your income after a waiting period, subject to the policy’s terms and exclusions and the insurer’s assessment
• Savings, for the time in between

We can plan with you how these fit together, and the scheme or insurer decides any claim.

A general insurance broker looks after the business side, such as public liability, and can tell you what each of those policies does.

Our part is your own cover and finances: income protection, life and TPD for you and anyone relying on you, plus your super and what you pay yourself. We can work through that with you from the insurers willing to consider your work, and the insurer makes the decision on any application.

It can depend on your employer’s industry and the work you do, so two people doing similar work for different employers may not be on the same award. An enterprise agreement, where one applies, takes the place of an award.

Where the national award system applies, Fair Work is the place to check yours. We can plan with you from the pay you get, so your budget and super start from your own figures.

Yes. Your plan can start from when you’d like to leave site work, along with any years of supervising, estimating or training first. If you’re paid by invoice, a business may or may not have to pay your super, so topping it up may be yours to plan.

We’d build the plan on super and savings, with any business sale as an addition, as a sale isn’t certain. You can read more about our retirement advice.

We’re a national service, so you can meet with us by phone or video from anywhere in Australia. We also have offices in three cities:

• Sydney: offices in Sydney CBD, Parramatta, Seven Hills, Ingleburn and Narellan, servicing areas including the City of Sydney, Eastern Suburbs, Inner West, North Shore, Northern Beaches, Sutherland Shire, Blacktown, Liverpool, Campbelltown and all surrounding suburbs.
• Melbourne: our St Kilda Road office, servicing areas including the City of Melbourne, Port Phillip, Boroondara, Monash, Casey, Wyndham and all surrounding suburbs.
• Brisbane: our Eagle Street office, servicing areas including Brisbane City, Moreton Bay, Ipswich, Logan, the Gold Coast, the Sunshine Coast and all surrounding suburbs.

Yes. A labourer on a first strip-out, a Class B removalist or the owner of a licensed business can all start with us, from wherever things are now.

There’s no cost for the initial conversation. Any advice after that is a paid service, with its scope and fee agreed with you in writing first.

It helps to bring recent payslips or invoices, a statement from your super fund, any insurance policies you have and the course or licence costs you’re weighing up. We can meet in person or online.