My Accounting Advantage

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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.

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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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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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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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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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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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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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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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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.

Ask Mai & Send Feedback

In this episode, Mai and Lee break down the key announcements from the latest Federal Budget. Importantly, they explore what these changes actually mean for business owners, property investors, and everyday Australians. With headlines creating panic and confusion, this episode cuts through the noise to focus on what matters and what actions should be taken.

Mai walks through the three major proposed changes dominating the conversation: the removal of the 50% Capital Gains Tax (CGT) discount, changes to negative gearing, and new rules around the taxation of family trusts. 

Mai unpacks how negative gearing currently works, why many “investors” are actually everyday Australians taking on risk, and what removing these incentives could mean for housing supply, rental prices, and borrowing capacity. The conversation also explores how these changes may affect younger Australians trying to enter the market, and why the proposed reforms could have broader economic consequences beyond tax.

In this episode, Mai talks about:

• The proposed removal of the 50% CGT discount and shift to indexation
•  How negative gearing currently works and why it exists
•  What the changes mean for everyday property owners (not just “investors”)
•  How borrowing capacity may be reduced without negative gearing benefits
•  Why first-home buyers could be indirectly affected
•  The proposed changes to family trust taxation and how income distribution may shift
•  How these reforms could impact small business structures and cash flow flexibility
•  Why policy changes like these can influence long-term investment decisions

This episode is a timely reminder that not all headlines tell the full story. Before making any decisions, it’s critical to understand how proposed changes apply to your specific situation. If you’d like help understanding how these proposed changes may affect you, reach out to our team or speak with your accountant before taking action.

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.

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.