The Financial Foreman

The Financial Foreman The Accountant for Tradies, specialising in the construction and trade industries. Offering Accounti

💡 The instant asset write-off is now permanent — so if you've been holding off on buying new tools, equipment, or vehicl...
04/06/2026

💡 The instant asset write-off is now permanent — so if you've been holding off on buying new tools, equipment, or vehicles waiting for certainty, you've got it.

But don't assume every purchase automatically qualifies. The $20,000 instant asset write-off still comes with rules around eligibility, timing, and the per-asset threshold.

Getting it wrong can lead to headaches you don't need later.

That's where we come in.

At The Financial Foreman, we don't just lodge tax returns — we help tradies manage cash flow, build smart tax strategies, price jobs properly, and make better business decisions that lead to more profit and less stress. Before you claim that new asset, we'll make sure it's done right so you get the deduction without an ATO comeback. 🔧📊

Comment READY below if you'd like help making sure your business is claiming everything it's entitled to.

03/06/2026

A lot of tradies saw the latest tax cuts and thought, "Beauty, I'll keep a bit more cash." And sure, that's a win.

But if you're still running everything through your personal account, have no super strategy, and haven't reviewed your business structure in years, you're focusing on the wrong number.

A small tax saving won't fix a messy financial setup.

Here's the reality: the tradies who build real wealth aren't just chasing lower tax rates — they're building the right structure from day one.

🛠️ With future changes potentially making business sale profits and goodwill more expensive from a tax perspective, getting your setup right now could be worth far more than any short-term tax cut.

Structure first, celebrate second.

If you need help navigating your business, comment READY below and learn how The Financial Foreman can help you build a stronger financial future.

02/06/2026

Paying more tax than you need to could be costing you your next investment.

A lot of tradies focus on making more money, but not enough focus on keeping more of it. The reality is, every extra dollar you hand over unnecessarily to the ATO is a dollar you can't put back into your business, investments, or future goals.

The good news?

Tax planning isn't about complicated loopholes — it's about getting organised, planning ahead, and using the right structures to make your money work smarter.

🔧 The less unnecessary tax you pay, the more cash you've got available to build long-term wealth and grow your opportunities.

Want to make sure you're not paying more tax than you need to?

Comment READY below and let's chat about how The Financial Foreman can help.

💰 FAQ SERIES: The Questions Tradies Ask Us MostOne of the most common questions we get from tradies going out on their o...
01/06/2026

💰 FAQ SERIES: The Questions Tradies Ask Us Most
One of the most common questions we get from tradies going out on their own — and it's one that catches a lot of people off guard.

❓ I'm a sole trader — what income tax rate do I pay?

You're taxed on your net profit at individual income tax rates. No flat rate — the more you earn, the higher the bracket. It's not a set-and-forget number.

Here's the thing most tradies don't realise — as a sole trader, there's no employer withholding tax for you. That means no one's putting money aside on your behalf. If you're not planning for it yourself, tax time can hit like a sledgehammer. 🔨

That's exactly why we help tradies get ahead of it — know your numbers, set aside the right amount, and never get caught short at tax time.

Comment READY below and we'll reach out to walk you through where you stand.

29/05/2026

One small bookkeeping mistake cost this business an extra $18,000. 🛠️

Josh recently reviewed a client’s BAS after they felt something wasn’t adding up — and the issue was picked up almost immediately.

The problem?
Sales were being recorded twice in Xero.

Here’s what happened:
The payment coming through the bank feed was manually coded as a sale… AND a separate payment was also recorded against the invoice.

That duplicated the income in Xero, which meant the business was reporting more sales than they actually made — and potentially paying more tax to the ATO because of it.

What’s even more concerning?
The BAS had already been prepared and missed before it was reviewed again.

The takeaway:
✔ Always match bank feed payments to invoices in Xero
✔ Don’t manually hard-code sales if the invoice already exists
✔ Reconcile your accounts monthly or quarterly to catch errors early

Because small bookkeeping mistakes can turn into expensive tax problems fast.

We built free tools specifically for Adelaide tradies — because your numbers should be easy to understand, not something...
28/05/2026

We built free tools specifically for Adelaide tradies — because your numbers should be easy to understand, not something you dread looking at. 🔨

Three tools, built for the way tradies actually work.

The Material Markup to Gross Profit Calculator shows you if you're actually making money on your jobs.

The Business Improvement Calculator finds where your business is leaking cash.

And the Scenario Planner lets you see what happens to your bottom line before you make a big decision.

They're completely free and live right now at thefinancialforeman.com.au. If you've ever finished a big job and wondered where all the money went, start there.

And if you want someone to walk through the numbers with you, we're here for that too.

Comment "READY" below and we'll help you make sense of it all. 👇

27/05/2026

When everything runs through the same account, legitimate deductions get missed, your BAS becomes a guessing game, and your bookkeeper charges you more to clean it up.

It's not a big deal until you realise how much it's adding up to — and by then, that money's already gone.

The fix is simple.

Open a separate account just for your business. Every job payment in, every business expense out.

Clean records, easier BAS, and deductions you can actually claim.

Ten minutes to set up, saves you money every single year.
Comment "READY" below and we'll help you get it sorted. 👇

26/05/2026

Trying to save money when setting up your business could end up costing you a whole lot more later. 🛠️

One of the biggest mistakes Josh sees when taking on new clients?

Business owners choosing the wrong setup from day one without understanding the long-term tax consequences.

At the start, it might seem cheaper and easier.

But years later, when there’s serious money sitting in the business, getting that money out can trigger a massive tax bill.

Josh breaks down a real example:
A business owner wanting to pull $300K out of their company could end up paying around $80K to the ATO — simply because the structure wasn’t set up properly from the beginning.

The lesson?

Your business structure isn’t just admin paperwork. It impacts your tax, your flexibility, your cash flow, and how much money actually stays in your pocket.

Sometimes spending a little more upfront on proper advice can save you tens of thousands later on.

If you're a sole trader, the Capital Gains Tax changes are worth paying attention to — especially if you've been buildin...
25/05/2026

If you're a sole trader, the Capital Gains Tax changes are worth paying attention to — especially if you've been building your business for years. 🔨
Here's the thing most tradies don't realise.

When you eventually sell your business — the client list, the phone number, the reputation you've spent a decade building — that's a capital gain. The ATO calls it goodwill. And goodwill gets taxed.

Right now, if you've held your business for more than 12 months, you get a 50% CGT discount on that gain.

So if you built something worth $200,000 and your cost base is zero — because you didn't buy goodwill, you built it with your own hands — you're paying tax on $100,000.

The bloke who bought a business for $150k has something to offset against. You don't. You started from scratch, so the full value of what you've built is exposed. The proposed discount reduction means more of that gain is taxable — with nothing to cushion it.

The good news is there are small business CGT concessions that could reduce or wipe out that tax bill entirely — but only if your structure is set up right and you plan ahead.

Leave it until after the sale and those concessions are gone.
If you've been running your own show for a few years, your business is worth more than you think — and so is sorting the tax side of it now, not later.

Comment "READY" below and we'll show you where you stand before it costs you. 👇

23/05/2026

Most people think property development is easy money… until the numbers start adding up.

In this episode of Ask an Expert, Glenn Pagano from McGrath Real Estate breaks down the biggest mistakes people make when renovating or developing their first property — from underestimating costs to overlooking time and cash flow.

Because in property investing, getting the numbers wrong can cost you more than just profit. 🛠️

Click the link in our bio to watch the full video.

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The Financial Foreman, 671 Marion Road, Ascot Park
Adelaide, SA
5043

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