Financial Planning for Self-employed

Financial Advice for Freelancers in Australia

Transforming Self-employment into Real Financial Power 

Working for yourself brings plenty of rewards – you do what you love, own your own day, and make the decisions. 

But it also demands a level of responsibility others don’t have to worry about. Managing irregular invoice payment flows, understanding bookkeeping, planning for tax and tackling superannuation are just some of the challenges you face. 

ActOn Wealth’s financial advisors in Melbourne are here to make that process and those obligations straightforward, seamless and geared towards building and protecting your wealth. Be the boss of your business and your financial future. Make the best decisions with expert support and guidance. Contact us today for a no-cost, no-obligation meeting.  

Financial Challenges Faced by Freelancers

We’ll Help You Manage and Overcome Obstacles 

Our team of experienced financial planners can help you overcome any of these barriers: . 

• Freelancing Income Volatility  

You must make hay while the sun shines but also navigate life when revenue doesn’t come in. It’s not an easy balance either way. 

• Tax Complexities  

Registering for GST if relevant, collecting it from clients before remitting it to the ATO, and setting aside the right amount of tax—it’s a lot to keep you awake at night.  

• Healthcare and Insurance Costs  

You’re vulnerable without employer healthcare, so finding the right protection insurance should be a priority. When you’re not working, you’re not earning. 

• Lack of Employment Benefits  

You’re your own HR department. Have you factored in sick leave, parental leave, holiday pay, and all the other benefits employees enjoy? 

• Superannuation Challenges 

Unlike employees, growing a nest egg is 100% on your shoulders. So, how do you manage that with all your other financial responsibilities? 

You’re not alone. Get the right experts on your side and turn obstacles into opportunities.  

Financial Services for Freelancers  

Strategic Decision Making and Financial Know-How   
ActOn Wealth financial advisors offer comprehensive financial services that incorporate all your freelancing needs. Some of the areas we think are particularly pertinent for you include: 

Managing Irregular Pay Days  

It’s great when invoices are paid, and cash is rolling in. But self-employment doesn’t typically run like clockwork. Various budgets, slow-paying clients and simply not always finding work can hamper your cash flow and budget. 

Our financial planners are experts in establishing a sound plan that factors in these highs and lows. We also provide helpful, achievable recommendations on managing strong cashflow periods responsibly (this is a time to grow your wealth) and riding out the lows (this is a time to ensure you don’t lose the wealth you’ve built).  

Superannuation for Self-employed 

Australian employers must contribute 11.5% of staff earnings into their respective superannuation funds. So, if an employee earns $50k per year, that’s $5,750 of non-taxable earnings going into their super without them lifting a finger or losing a cent. In contrast, you need to self-manage your super, which is not always straightforward (nor does it feel viable at times). That’s going to change with ActOn Wealth’s specialist superannuation advice. 

Self-employed Tax

Knowing if you must register for GST, understanding your obligations, balancing the books, identifying every deductible expense, paying your tax on time, and minimising your tax obligations are all regular tasks you must consider. Or, you leave it to our experienced tax return accountants, who can take it all off your hands and out of your head.  

Life Insurance for Freelancers

One significant advantage of employment is the protection and security it can provide. Paid parental leave, sick leave, bereavement leave, and other such leave are valuable. However, many people don’t realise just how valuable they are until they need them. 

Unfortunately, you don’t have this privilege unless you create it yourself. Equally, should something happen to your health, you’re particularly financially vulnerable. All these considerations make risk protection insurance paramount. Our experts forensically analyse options to provide you with the most suitable and sustainable cover. It’s the parachute you never knew you needed.  

Self-employed Retirement Planning 

You can never start planning for retirement too soon. This is especially the case for sole traders. You want to be the boss for all your life decisions, right? A retirement plan will ensure you continue to call the shots well into the future. Doing the groundwork now will influence when you can retire, the retirement savings available, and the lifestyle you can afford. 

Our expert financial advisers help you address the big questions today so you can plan for the best possible tomorrow. 

Be the boss of your financial goals – get the right experts behind you. 

Why Choose Acton Wealth Financial Advice for the Self-employed?

How We Make a Difference  
We admire Australians who take on the challenge of self-employment. We want to do everything possible to help you reap the rewards and power through the obstacles.  

We Future Proof Your Financial Independence 

We’re here to help you right now, but we have a clear eye set on your future as well. Wealth-building is more about what lies ahead than what’s in front of you right now. But the decisions you make today will have far-reaching consequences tomorrow, and we want to ensure they are positive. 

We’re Your Financial Ally, Guide and Safety Net 

You’re flat-out running your own business. How will you find time to become a financial expert on top of that? With ActOn Wealth by your side, there’s no need. We’re your support team providing expert advice and always checking compliance. 

We Build Strategy From Uncertainty 

The very nature of freelance work means the tap is not always turned on. Knowing when and from where the next invoice will come is not always a given. We help you build a strategic financial base that gives you peace of mind to weather storms. 

We Empower You to Manage Risk Like a Master 

The fact you’ve become a freelancer means you’re not risk-averse. We respect that and will help you take it to the next level. From assisting you with investment advice to giving you the tools and strategies to get through a financial downturn, we’re here for you. 

Get ahead with confidence, knowing ActOn Wealth is with you every step of the way.  

Contact Us About Financial Planning for Freelancers  

We Put the Strategy In Self-employed 
You might be a freelancer, but you don’t have to undertake your financial journey alone. Let us transform your self-employment potential into real financial power. Make a step towards a more prosperous future now. 

We’ll make your finances thrive. Find out how today. 

What Is the #1 Financial Advice for Freelancers? 

The best financial advice is to seek independent expertise from a professional. You may be a whiz with numbers, but having a team that is 100% trained on your finances frees you up to achieve your self-employment goals. 

Should I Invest if I Am Self-employed? 

Investing is potentially an option if you are self-employed. However, before deciding that, you want to ensure your house is in order and you have a sound financial base that can support and sustain any investments. Our financial planners are experts in this area and can provide tailored advice to your situation. 

How Do I Separate Personal Finance from Freelance Finance? 

The most important and practical step is to set up separate personal and business bank accounts and credit or debit cards. Keeping receipts, paying yourself a salary, separating and maintaining clear budgets, and meticulously documenting expenses are just some things you can do to keep a clear boundary between the two. Our financial advisers are here to help with clearly defined and separate strategies and processes. 

Can I Afford to Buy a Home if I Am Self-Employed? 

The answer depends on how much money you have set aside for a deposit, the cost of the new home, but also the attitude of the lender. Not all banks and lenders will have confidence in your freelancing arrangement, so establishing evidence of your reliability to make repayments will be key. ActOn Wealth’s mortgage brokers and financial planners can provide the best advice for your situation.