Three Bank Accounts Can Keep Your Tax Bills Under Control

Three Bank Accounts Can Keep Your Tax Bills Under Control

Ask Mai & Send Feedback [https://www.buzzsprout.com/2602582/fan_mail/new] 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 [https://myaccountingadvantage.com.au/] 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.

Your Mortgage Is Not A Monster

Ask Mai & Send Feedback [https://www.buzzsprout.com/2602582/fan_mail/new] 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 [https://myaccountingadvantage.com.au/] 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.

Tax Saved Is Not Money Made

Ask Mai & Send Feedback [https://www.buzzsprout.com/2602582/fan_mail/new] 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 [https://myaccountingadvantage.com.au/] 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.

Tax-Effective Investing After The Budget

Ask Mai & Send Feedback [https://www.buzzsprout.com/2602582/fan_mail/new] 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 [https://myaccountingadvantage.com.au/] 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.

What The Federal Budget Means For Landlords And Small Business

Ask Mai & Send Feedback [https://www.buzzsprout.com/2602582/fan_mail/new] 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 [https://myaccountingadvantage.com.au/] 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.