Fund Your Future Freedom

Fund Your Future Freedom

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

Borrowing After The Budget Shift

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

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.