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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.

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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.