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My Accounting Advantage

Mai Harris

My Accounting Advantage is a practical, no‑fluff podcast for business owners, professionals, and property investors who want to make smarter financial decisions with confidence.

Hosted by Mai Harris, Principal Accountant and business advisor with over 25 years of real‑world experience, the podcast breaks down accounting, tax, superannuation, and cash‑flow strategies in plain English without the jargon, overwhelm, or “one‑size‑fits‑all” advice.


IG: www.instagram.com/the_maiharris/

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Linkedin: www.linkedin.com/in/mai-harris-4a4698375/

Web: www.myaccountingadvantage.com.au/

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  • 26 episodes
  • weekly
  • Avg 18 min
  • English

Episodes 26

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  • S1 · E30
    Wednesday · 17 min

    Build A One-Page Financial Clarity Dashboard That Tells The Truth

    Ask Mai & Send Feedback This episode tackles a common challenge for business owners: having accounting data in Xero but still feeling unsure about where the money is going. Mai and Lee explore how business owners can move from financial blindness to financial clarity by focusing on the numbers that matter most. They discuss how understanding your daily operating costs, tracking key financial metrics, and using Xero's new AI assistant, Jax (Just Ask Xero), can help you make smarter business decisions with confidence. In this episode, they discuss: Why many business owners struggle to understand their true financial position The importance of knowing your daily cost of doing business How to build a simple one-page financial clarity dashboard The five key numbers every business owner should monitor regularly Understanding revenue, gross profit, net profit, cash at bank, and net cash flow Why gross profit margin and net profit margin are critical business health indicators How small financial issues can be identified before they become major problems An introduction to Jax (Just Ask Xero) and how it can provide instant financial insights The five questions every business owner should ask their accounting data Monitoring cash flow, debtor days, payroll growth, working capital, and emerging risks Using AI and real-time financial data to improve decision-making Whether you're a startup founder, tradesperson, consultant, or established business owner, this episode provides practical strategies to help you gain greater visibility, improve cash flow management, and make more confident decisions using the numbers already available in your business. If you'd like advice on business performance, cash flow management, bookkeeping systems, Xero reporting, or business strategy, our team at My Accounting Advantage is here to help. Visit www.myaccountingadvantage.com.au to learn more. Have a question you'd like Mai to answer on a future episode? Submit it through the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E29
    September 30 · 15 min

    How To Hire With Clarity Using The Buyback Loop

    Ask Mai & Send Feedback This episode explores a challenge many growing business owners face: when the workload becomes overwhelming, is hiring really the right solution? Mai and Lee discuss why bringing on new staff without first understanding the root cause of the problem can create even more complexity, and how business owners can take a more strategic approach to growth. They introduce the concept of the buyback loop, a practical framework for identifying, documenting, and delegating tasks effectively. Through real-world examples, they explain how creating systems and processes can reduce bottlenecks, improve efficiency, and build a business that is less reliant on the owner. In this episode, they discuss: Why hiring is not always the best first response to feeling overwhelmed The risks of recruiting for a role when the underlying problem has not been clearly defined How to conduct a time audit to identify what is really consuming your week Understanding the "buyback loop" and its role in sustainable business growth Identifying low-value, repetitive tasks that can be delegated The importance of documenting processes, workflows, and clear outcomes Why even experienced team members need clear expectations and standards How systems and repeatable processes make a business more scalable A real-life case study of a medical practice that tripled in size and faced growing operational challenges The mindset shift from trying to solve everything yourself to finding the right expertise and support How better delegation can help reduce chaos, create capacity, and support long-term growth Why process-driven businesses are often easier to manage and more attractive to potential buyers Whether you're preparing to hire your first team member, struggling to keep up with growth, or looking to create more time to focus on high-value work, this episode provides practical strategies to help you scale your business with confidence. If you'd like guidance on business growth, improving operational efficiency, implementing systems, or developing a scalable business structure, our team at My Accounting Advantage is here to help. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E28
    September 23 · 25 min

    Inside SMSF Borrowing And What Lenders Really Want

    Ask Mai & Send Feedback This episode explores one of the biggest changes to SMSF property investing in recent years: the 10 August 2026 rule change and what it means for Australians looking to purchase property through their Self-Managed Super Fund. Mai is joined by SMSF lending specialist Luke Talbot to unpack what has changed, what opportunities still remain, and how SMSF lending works in practice. Together, they discuss why residential property purchases through borrowing have been significantly impacted, why commercial property remains a key strategy for many SMSF investors, and the critical steps required to secure finance successfully. In this episode, they discuss: What the 10 August 2026 rule change means for SMSF property borrowing Why new residential property purchases using SMSF borrowing are no longer an option and what alternatives may still be available How refinancing existing SMSF property loans may continue to provide opportunities Why commercial property and business premises have become the primary focus of many SMSF lending strategies What lenders assess when reviewing an SMSF loan application, including the fund, the property, and the structure The role of bare trusts in SMSF property purchases The true cash requirements beyond the deposit, including stamp duty, legal fees, setup costs, and post-settlement liquidity requirements Which specialist lenders currently operate in the SMSF lending market and how their lending criteria differ Alternative strategies using personal equity loans to help facilitate SMSF property acquisitions How unit trust structures can be used and why lender appetite varies between different arrangements Common SMSF lending mistakes, including purchasing before obtaining finance approval, underestimating cash requirements, and failing to allow sufficient time for the process Practical insights into SMSF lending timeframes and what investors can do to improve their chances of approval Whether you're considering purchasing property through your SMSF, refinancing an existing loan, or simply trying to understand how the recent rule changes may affect your retirement strategy, this episode provides valuable guidance to help you navigate a rapidly changing landscape. If you'd like advice on SMSFs, property investing, SMSF lending, retirement planning, or structuring your investments effectively, our team at My Accounting Advantage is here to help. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E27
    September 16 · 21 min

    Limited Recourse Borrowing For Commercial Property

    Ask Mai & Send Feedback This episode explores a growing area of interest for business owners and investors: buying property through a Self-Managed Super Fund (SMSF) and understanding the borrowing rules that come with it. Mai and Lee break down the complexities of Limited Recourse Borrowing Arrangements (LRBAs) in plain English, explaining how SMSFs can borrow to purchase property, the structures that must be in place before signing a contract, and the common pitfalls that can derail a property strategy. They also discuss the significant changes to SMSF residential property borrowing from 10 August 2026, what remains available for commercial property, and why proper planning and advice are more important than ever. In this episode, they discuss: What a Limited Recourse Borrowing Arrangement (LRBA) is and how it works Why SMSF loans often have higher interest rates than traditional home loans The roles of the SMSF, trustee company, and bare trust in a property purchase Key rules that must be followed before signing a property contract The SMSF borrowing changes introduced on 10 August 2026 The distinction between residential property and business real property Why many business owners choose to hold commercial premises within their SMSF Mai's PBS Framework: Property, Borrowing, and Strategy Common SMSF property mistakes, including poor sequencing, cash flow issues, and over-concentrating investments Whether you're considering purchasing commercial property, planning for retirement, or exploring how an SMSF can fit into your long-term wealth strategy, this episode provides practical insights to help you avoid costly mistakes and make more informed decisions. If you'd like advice on SMSFs, property investment, commercial property ownership, retirement strategies, or SMSF compliance, our team at My Accounting Advantage is here to help. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E26
    September 9 · 31 min

    The 2026 Tax And Super Reset

    Ask Mai & Send Feedback This episode breaks down the key tax, superannuation, and business changes following the 2026 Federal Budget. Mai Harris explains what is already law, what is still proposed, and what individuals, investors, trustees, and business owners need to know moving forward. In this episode, they discuss: New superannuation contribution caps and the bring-forward rule The transfer balance cap and Division 296 tax Payday Super and its impact on employers Super Guarantee Charge risks for late payments The permanent $20,000 instant asset write-off The new $1,000 standard work-related deduction Capital gains tax and negative gearing changes SMSF borrowing rule updates Proposed trust tax reforms and family trust election changes The difference between enacted and proposed measures Whether you're building wealth, running a business, or planning for retirement, this episode provides practical insights to help you navigate the latest tax and superannuation changes with confidence. If you'd like advice on tax planning, superannuation, business structures, property investment, or trusts, our team at My Accounting Advantage is here to help. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E25
    September 2 · 18 min

    The Six-Year Rule

    Ask Mai & Send Feedback This episode tackles a common question for Australian homeowners: Does the six-year rule mean you can avoid Capital Gains Tax when you move out and rent your home? Mai and Lee explain how the six-year rule really works, how it interacts with negative gearing, and the common mistakes that can lead to unexpected tax liabilities. They also discuss recent legislative changes, record-keeping requirements, and why it's important to seek advice before making property decisions. In this episode, they discuss: The basics of the six-year rule and common misconceptions Renting out a former PPOR while potentially retaining a CGT exemption When interest becomes tax-deductible and how negative gearing works The impact of the 12 May 2026 law change on negative gearing decisions What happens if you buy another PPOR Restarting the six-year clock by moving back in Why market valuations and good records are essential Common mistakes that can trigger Capital Gains Tax Tax considerations for retirees receiving rental income Whether you're planning to move, rent out your home, or invest in property, this episode provides practical insights to help you make informed decisions and avoid costly surprises. If you'd like advice on Capital Gains Tax, negative gearing, property structuring, or tax planning, our team at My Accounting Advantage is here to help. Visit www.myaccountingadvantage.com.au to learn more. Have a question you'd like Mai to answer on a future episode? Submit it through the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E24
    August 26 · 18 min

    You Can Be Brilliant At Work And Still Not Ready To Run A Business

    Ask Mai & Send Feedback This episode tackles a question many ambitious professionals ask themselves: If you're great at your job, does that mean you'll succeed in business? Mai and Lee explore why many high-performing employees struggle when they start their own businesses. They discuss the mindset shift required to move from employee to business owner, the hidden costs of running a business, and why proper planning is essential before making the leap. In this episode, they discuss: Why being a star employee doesn't automatically make you a successful business owner Mai's SRS Framework: Structure, Risks, and Sequencing The hidden costs of employing staff and running a business The difference between an employee mindset and a business owner mindset The three gaps that commonly derail new business owners: Revenue Gap, Time Gap, and Identity Gap Why working capital is critical to business survival The danger of counting future deals instead of cash received The importance of having a financial safety net before starting a business The 90-Day Capital Test and how to assess your readiness for business ownership Whether you're planning to launch a business or simply exploring the idea, this episode provides practical advice to help you avoid costly mistakes and build a stronger foundation for success. If you're thinking about starting a business and would like advice on business structures, cash flow planning, risk management, or financial readiness, our team at My Accounting Advantage is here to help. Visit www.myaccountingadvantage.com.au to learn more. Have a question you'd like Mai to answer on a future episode? Submit it through the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E23
    August 19 · 14 min

    A Going Concern Sale Can Save A Deal

    Ask Mai & Send Feedback Many business owners focus on the sale price when selling a business or commercial property, but one often-overlooked detail can have a significant impact on the deal: the Going Concern rules. In this episode, Mai Harris and Lee Woodward explain what a Going Concern arrangement is, when it applies, and why getting it right can save buyers and sellers from unnecessary GST complications. From business sales to commercial property transactions, Mai breaks down the key requirements, common pitfalls, and the questions you should ask before signing a contract. The discussion also explores vendor finance arrangements, the importance of preserving value in an established business, and why rushing to reinvent a successful operation can sometimes do more harm than good. In this episode, Mai talks about: What a Going Concern arrangement is When GST may not apply to a business sale The requirements buyers and sellers must meet How GST can impact cash flow and deal negotiations The pros and cons of vendor finance arrangements Why preserving what already works is often a smart business strategy How Going Concern rules apply to commercial property sales The importance of understanding GST implications before signing a contract This episode is a practical reminder that selling a business or commercial property is about more than agreeing on a price. Understanding whether a transaction qualifies as a Going Concern can have a major impact on GST, cash flow, and the overall success of the deal. If you'd like advice on buying or selling a business or commercial property, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E22
    August 12 · 24 min

    Sell Smart, Exit Strong

    Ask Mai & Send Feedback This episode tackles one of the biggest questions business owners face: How do you sell a business and keep more of what you've worked so hard to build? Mai and Lee are joined by local business owner, Chef Daniel, who steps into the guest seat to ask the questions many business owners are already thinking about. Together, they unpack the tax implications of selling a business, recent changes to Capital Gains Tax (CGT), the importance of planning well before an exit, and why your accountant should be one of your most trusted advisers throughout the process. In this episode, they talk about: What recent Capital Gains Tax changes mean for business owners considering a sale The different types of CGT exemptions available to small business owners How capital gains are calculated when buying and selling a business The Small Business Rollover concession and how it can help when purchasing another business The importance of profitability, clean financial records, and consistent performance Why emotional attachment can impact business valuation and sale decisions How to choose an accountant who aligns with your personal and business goals Where AI tools like ChatGPT can assist business owners and where professional advice remains essential Why every business should be built with an eventual exit strategy in mind Whether you're preparing to sell in the next 12 months or simply want to build a business that has long-term value, this episode highlights why planning early can make a significant difference to the outcome. If you're considering selling your business, reviewing your structure, or would like advice on the small business CGT concessions available to you, our team at www.myaccountingadvantage.com.au is here to help. Have a question you'd like Mai to answer on a future episode? Submit it through the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E21
    August 5 · 24 min

    How To Prepare A Small Business For Sale

    Ask Mai & Send Feedback We unpack what makes a business genuinely saleable, and why waiting until you are fed up is a costly time to exit. We share a practical checklist for sale readiness, from clean financials and contracts to systems, leadership, and transferability that keeps value high when the owner steps away. • why a saleable business is the real measure of business health • the risk of selling from emotion rather than strategy • what “turnkey” looks like and why owner dependency destroys value • thinking beyond profit to adjacent buyers and acquisition value • preparing for due diligence with three years of financial records • building transferable systems, documented processes, and clear SOPs • strengthening the team through leadership, retention, and succession planning • keeping contracts ready so deals do not go stale • using AI to speed up process documentation and quality control • the sale readiness scorecard and the simple business value formula Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E20
    July 30 · 16 min

    Your Life Gets Bigger When Your Goals Do

    Ask Mai & Send Feedback Many people spend years building wealth, growing a business, and chasing financial freedom without ever stopping to ask a simple question: What is it all for? In this episode, Mai and Lee explore the connection between wealth, purpose, and goal setting. Drawing on conversations with business owners, investors, and families, Mai explains why financial success is difficult to achieve, let alone measure, if you don't have clarity around what you actually want from life. The discussion focuses on setting meaningful goals, creating a vision for the future, and understanding how financial decisions should support the life you want to live. Whether your goal is early retirement, more freedom, more family time, or building a business you love, Mai shares a practical framework to help turn ideas into action. In this episode, Mai talks about: Why building wealth without a clear purpose often leads to frustration The importance of understanding what financial freedom means to you Why most people struggle to define their goals How lack of clarity can impact financial planning and wealth creation A simple framework for setting meaningful personal and financial goals Why dreaming big is an important first step in the planning process The difference between wishes, preferences, and measurable goals How attaching emotion and purpose to your goals increases commitment Why time, freedom, and choice are often more valuable than money itself The role accountants, financial planners, and mortgage brokers play in helping achieve long-term goals How small financial decisions today can create greater choices in the future This episode is a reminder that financial success isn't about accumulating wealth for the sake of it. It's about creating a life that aligns with your values, gives you choices, and allows you to spend your time in ways that matter most to you. If you'd like help building a financial strategy that supports your personal goals, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E19
    July 22 · 20 min

    Stop Being The Bottleneck

    Ask Mai & Send Feedback In this episode, Mai explores one of the most common issues she sees when working with business owners: becoming the bottleneck in your own business. From delayed invoicing and cash flow problems to decision fatigue and overwhelmed teams, Mai explains how business owners can unintentionally slow down growth by trying to control every decision and task themselves. The discussion focuses on recognising the signs that you're the bottleneck, creating systems that allow your team to take ownership, and building a business that can operate successfully without relying on you for every answer. In this episode, Mai talks about: The warning signs that you're becoming the bottleneck in your business Why leadership is about making yourself less needed over time The importance of decision-making systems for your team Mai's 1-3-1 framework for solving problems and encouraging independent thinking How to identify and eliminate low-value tasks from your workload Understanding the Growth Ladder and where your time should be spent as a business owner Why commitment lists are more effective than traditional position descriptions The Delegation Ladder and the four steps to delegating successfully How documenting systems and processes creates consistency and accountability The connection between business systems and business saleability This episode is a reminder that successful businesses are built on systems, not individuals. The more decisions, knowledge and processes that live only in your head, the harder it becomes for your business to grow. By creating clear systems, empowering your team, and letting go of low-value tasks, you can free yourself to focus on leadership and long-term growth. If you're feeling stuck in the day-to-day operations of your business and want help improving your systems, processes, and ultimately your profitability, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E18
    July 16 · 14 min

    Franking Credits Turn Company Tax Into Personal Tax Savings

    Ask Mai & Send Feedback Franking credits are one of the most valuable tax benefits available to business owners operating through a company structure. In this episode, Mai breaks down what a franking account is, how franking credits are created, and why they can play a powerful role in building and protecting long-term wealth. The conversation also explores some of the most common business and investment structures used by Australians. With proposed changes to the taxation of family trusts on the horizon, understanding how your structure works, and whether it's still the right fit, is more important than ever. Mai explains the practical reasons behind each structure, how profits can be moved and protected, and why a proactive review today could save significant tax and complexity in the future. In this episode, Mai talks about: What franking credits are and how they are created Why company tax is not always "lost" when paid to the ATO How franked dividends can help reduce overall tax outcomes The differences between trading companies, holding companies and bucket companies Why business owners use dividend strategies to move profits between entities The proposed changes to family trust taxation and what they could mean for business owners How franking credits can improve cash flow and tax planning opportunities Why reviewing your business structure regularly is essential as tax laws evolve If you'd like help reviewing your business structure, understanding franking credits, or planning for upcoming tax changes, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E17
    July 8 · 20 min

    Fund Your Future Freedom

    Ask Mai & Send Feedback Most people think retirement is something to worry about later. The problem is that later arrives much faster than expected. In this episode, Mai Harris is joined by financial planner Nicholle Shepherd to discuss why building wealth and planning for retirement should start much earlier. Together, they explore the small financial habits that can have a significant impact over time, and why creating financial freedom isn't about reaching a certain age: It's about having choices. The conversation covers the importance of understanding your current financial position, making the most of superannuation, and creating a strategy that aligns your long-term goals with your tax and wealth-building opportunities. Whether you're in your 20s, raising a family, or starting to think seriously about retirement, this episode highlights the value of planning early and seeking advice before time becomes your biggest obstacle. In this episode, Mai and Nicholle talk about: The common reasons people leave retirement planning too late The importance of building strong financial habits early Investment options beyond property, including shares, ETFs and managed investments Why your investment strategy should reflect your personal goals and risk appetite How much money you may need in retirement and why the answer is different for everyone Practical ways to understand your living expenses and future income needs The benefits of aligning tax planning and financial planning Why seeking advice early creates more opportunities and choices later in life This episode is a reminder that financial freedom doesn't happen by accident. The earlier you start planning, the more options you'll have when it comes time to decide how you want to spend your future. If you'd like help aligning your tax strategy, investments and long-term wealth goals, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E16
    July 1 · 21 min

    Borrowing After The Budget Shift

    Ask Mai & Send Feedback Everything you thought you knew about borrowing has just changed. In this timely episode, Mai unpacks one of the biggest shifts currently impacting property investors: what borrowing actually looks like now under the new lending rules. Following the recent Federal Budget announcements, the landscape has changed almost overnight. Restrictions on negative gearing for existing properties and changes to how banks assess borrowing capacity are already flowing through to lenders, and the impact is immediate. But this episode isn’t about panic. It’s about understanding what’s changed and how to adjust your strategy moving forward. Joined by in-house mortgage broker Luke Talbot, the conversation brings together both tax and lending expertise to unpack how these changes are playing out in the real world. In this episode, Mai and Luke talk about: The removal of negative gearing on existing properties and why this is more than just a tax change How borrowing capacity is already dropping by 12–17% (and in some cases closer to 20%) Why pre-approvals based on old rules may no longer apply The difference in treatment between new builds and established properties Why getting your structure right upfront (individual, trust, SMSF) is now critical The risks of having your accountant and broker not aligned on strategy How commercial property is emerging as an alternative investment strategy How equity can still be leveraged to support new lending strategies Why family and joint investment strategies are becoming more relevant in this environment This episode is a reminder that while borrowing has become more complex, the opportunity to build wealth hasn’t disappeared. It just requires a more considered approach. Reach out to the team at www.myaccountingadvantage.com.au if you’re thinking about buying, investing, or would like to review your current position. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E15
    June 25 · 14 min

    Three Bank Accounts Can Keep Your Tax Bills Under Control

    Ask Mai & Send Feedback With multiple obligations hitting at different times—BAS, PAYG instalments, payroll tax, super, and annual income tax—it can feel like money is constantly leaving your account. This episode cuts through that confusion and explains why it often comes down to a lack of structure, visibility, and preparation. Mai walks through how the tax system actually works, including the difference between your income tax account and your activity statement account, and why PAYG instalments often catch business owners off guard. By understanding how these obligations are calculated and when they fall due, the pressure quickly becomes more manageable. The episode also focuses on practical systems business owners can implement immediately to stay in control, without the stress of scrambling for cash each quarter. In this episode, Mai talks about: The difference between your income tax account and activity statement account How PAYG instalments work as a prepayment of your annual tax liability The importance of setting up a dedicated tax account to manage obligations How to structure three key accounts: trading, tax, and cash reserves Why setting aside GST, company tax and super reserves is critical How a simple weekly or recurring transfer system can remove end-of-quarter stress Why reviewing your profit and loss regularly improves visibility and control This episode is a reminder that paying tax is often a sign your business is performing, but without the right systems in place, it can quickly feel overwhelming. If you’d like help setting this up for your business or understanding your tax obligations, reach out to our team at www.myaccountingadvantage.com.au. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E14
    June 17 · 10 min

    Your Mortgage Is Not A Monster

    Ask Mai & Send Feedback In this episode, Mai and Lee unpack a powerful mindset shift that’s impacting more business owners and homeowners than ever before, how we think about debt, and specifically, our mortgage. With rising costs and business pressures, many Australians are feeling the weight of their loans, but this episode challenges whether that stress is actually justified. Using a real client case study, Mai breaks down how small shifts in perspective can completely change financial confidence, decision-making, and even business performance. The episode also explores how comparing the cost of debt to the true cost of living without it can provide much-needed clarity. In this episode, Mai talks about: The importance of reframing your mortgage from a burden to a wealth-building tool How to compare the true cost of debt versus renting or living without owning property How offset accounts work and how they reduce interest while maintaining flexibility Why mindset plays a critical role in financial decision-making and performance Using equity in your home to debt-finance investment opportunities If you’d like help understanding how your current debt structure is working for or against you, reach out to our team or speak with your accountant for tailored advice. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E13
    June 10 · 14 min

    Tax Saved Is Not Money Made

    Ask Mai & Send Feedback In this episode, Mai and Lee break down one of the most common misconceptions at tax time: “If I spend money, I’ll get it all back in tax.” With the end of financial year approaching, many business owners and individuals fall into the same trap. That is, making rushed purchases purely for a deduction, without considering the actual return. This episode cuts through that thinking. Mai unpacks why tax deductions don’t work the way most people assume, and why the real goal isn’t to reduce tax at all costs. It’s to make financially sound decisions that deliver a return. From understanding your effective tax rate to making strategic investment decisions, this episode is a must-listen for anyone navigating EOFY planning. In this episode, Mai talks about: How your notional (average) tax rate determines what you actually get back The EOFY “spending frenzy” mindset The $20,000 instant asset write-off threshold and when it applies Why buying assets you don’t need destroys cash flow and ROI A smarter alternative: using super contributions to reduce tax and build long-term wealth What deductions are most commonly missed (travel, WFH, self-education and more) Why record-keeping is critical to substantiating claims Spending money for the sake of a deduction can leave you worse off. Mai encourages you to do a sense-check before any EOFY decision: “Would I do this on 1 July?” If you're unsure what EOFY strategies actually make sense for your situation, reach out to Mai on Instagram at the_maiharris or submit your questions via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E12
    June 3 · 22 min

    Tax-Effective Investing After The Budget

    Ask Mai & Send Feedback In this episode, Mai and Lee tackle one of the biggest questions coming out of the recent Federal Budget: what investments still make sense when the rules are changing? There’s a lot of noise right now. Changes to the proposed 50% CGT discount, restrictions on negative gearing, and potential new minimum tax rules for trusts. It’s no surprise investors are feeling uncertain. But this episode isn’t about fear. It’s about refocusing on what still works and how to adjust your strategy without stepping back from building wealth. Mai breaks down what’s actually changing, what’s still available, and why the key isn’t to stop investing, but to invest smarter, with the right structure and advice. In this episode, Mai talks about: The proposed removal of the 50% CGT discount and what it really means in practice Why a gain is still a gain, even with higher tax, and how to rethink long-term strategy What’s still eligible for negative gearing (including new builds and commercial property) The impact of proposed trust changes and why bucket company strategies may be less effective How double taxation could affect family trust structures under new rules Why SMSFs remain one of the most powerful investment vehicles (and what’s still allowed) How property, super, and business investments are likely to shift moving forward Why investing in active assets (like businesses) still provides strong CGT advantages How the SRS framework (Structure, Risk, Sequencing) applies to new investment decisions The Identify, Reallocate, Structure framework to help investors adapt quickly This episode is a reminder that while the rules may change, wealth-building opportunities don’t disappear, they evolve. If you’re unsure how these changes affect your current structure or future plans, now is the time to get clarity and build a strategy that works under the new rules. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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  • S1 · E10
    May 27 · 11 min

    Directors’ Loans Explained

    Ask Mai & Send Feedback In this episode, Mai and Lee unpack one of the most misunderstood areas of running a company: director’s loans. While many business owners see this account in their financials, very few truly understand how it works, or how costly it can become if handled incorrectly. Mai breaks down what a director’s loan actually is, why it exists, and how it’s often used to record personal spending through the business. More importantly, she explains how Division 7A rules come into play, and why they’re designed to stop business owners from accessing company funds without paying the right amount of tax. In this episode, Mai talks about: The purpose of a director’s loan and why it appears in your accounts How Division 7A applies to money taken from your company What happens when a director’s loan becomes a deemed dividend How unpaid balances can significantly increase your personal tax liability Why treating your business like a personal ATM creates problems When and how you can use a director’s loan to manage short-term cash flow What a Division 7A loan agreement is and when it should be put in place How to structure your income (wages vs drawings) to manage tax effectively Why timing plays a key role in when and how you pay tax This episode is a reminder that understanding how you take money out of your business is just as important as how you make it. When used correctly, tools like director’s loans can provide flexibility and control, but without the right advice, they can quickly turn into one of the most expensive mistakes a business owner makes. If you’d like a copy of Mai’s Director’s Loan Compliance Checklist, DM the word Loan on Instagram at @the_maiharris. You can also submit questions or topic ideas via the Ask Mai link at the top of the show notes. Learn more about My Accounting Advantage Disclaimer The advice contained in this presentation is general in nature only and should not be acted on without first seeking professional advice. Your personal circumstances have not been taken into account, and you should consider the appropriateness of the advice to your individual needs.

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