Tax By Lily

Tax By Lily Tax Strategist & Tax Accountant & Bookkeeper for Growing Small to Medium Businesses with 20+ years experience Thanks for stopping by! The result? And that’s me!

I’m Lily Hii, and I have a confession to make: I love numbers and I love being able to help people just like you! Technically I’m a Bookkeeper, but that sounds boring. ‘Bookkeeper’ is a word that never seems to capture just who I am and what I do, so let me introduce you to Lily…. For me, the numbers of any business – and let’s face it, the numbers are everything in business – tell a story of the

company. I love learning the story and sharing it with the person it belongs to. I first learnt to love the numbers when studying mathematics at university and have spent the past fifteen years working as an accountant and bookkeeper for various firms and companies in Sydney. My professional experiences equipped me with all the skills I need to be great at what I do, but those years of work never managed to satisfy my need for a personal connection – I missed sharing in the story with the people who really care. And so I decided to change everything and follow my heart! Bookkeeping by Lily; my very own bookkeeping business. I now work with people with passion, with entrepreneurs who are chasing their dreams and have the creativity to make their products sing but not the know-how to read and write the story of the figures. Does that sound like you? Will you let me carry the burden of the ‘books’ and allow you to fly higher? It’s a lot to ask any entrepreneur to share their secrets, so let me offer you a little more of myself before you entrust me with the story of your business: I was born in Malaysia but moved to Sydney in 1997 for school, then university, and finally work and a family. I have two gorgeous children aged 7 & 5, and a patient husband who works as Risk manager at CBUS. Lily the Bookkeeper is just as patient and passionate, but comes equipped with a determination to succeed at all costs. When it comes to business, I believe nothing is impossible. I don’t have clients – I make friends and join the team. I don’t offer a service, I share my knowledge and channel everything I have towards making the numbers tell the right story. Your dreams become mine, and I take over the ‘numbers’ so you are free to do what you do best! I’d be honoured if you would like me to share your dreams. If you have any questions or think I might be the numbers woman for you, email me at [email protected]

NOTE: We have branched out to MELBOURNE!!

💸 A bit late to the budget game! To be honest, I just need to digest it properly as there are a LOT to unpack.Good news...
16/06/2026

💸 A bit late to the budget game! To be honest, I just need to digest it properly as there are a LOT to unpack.

Good news first — the $20K instant asset write-off is now permanent. If your business turns over under $10M, you can keep writing off eligible assets straight away. No more annual guessing games.

Now the big one... if you run your business through a f𝗮𝗺𝗶𝗹𝘆 (𝗱𝗶𝘀𝗰𝗿𝗲𝘁𝗶𝗼𝗻𝗮𝗿𝘆) 𝘁𝗿𝘂𝘀𝘁, you need to know this:

👉 From 1 July 2028, trusts will pay a minimum 30% tax on income — at the trust level, before it flows to family members. The strategy of distributing to lower-income family members to save tax? Largely gone.

Around 350,000 small businesses use trusts in Australia. This affects a LOT of people.
But here's the thing — don't rush to restructure just yet. The laws still need to pass Parliament, and there's rollover relief available until 2030 to help you transition.

Read the full breakdown on the blog 👇
🔗 taxbylily.com.au/post/2026-2027-Federal-Budget

📢 𝗕𝗜𝗚 payroll change coming 1 July 2026 — and if you're an employer, you need to know about this 𝗡𝗢𝗪.Are you paying supe...
16/06/2026

📢 𝗕𝗜𝗚 payroll change coming 1 July 2026 — and if you're an employer, you need to know about this 𝗡𝗢𝗪.

Are you paying super quarterly? That's about to change.

From 1 July, super must be paid every single payday — weekly, fortnightly, or monthly, depending on your pay cycle. Same day as your employees' wages go out.

Here's what that means for you:
✔ Your payroll software needs to be set up correctly before the deadline
✔ Cash flow planning matters more — you can't hold super funds until quarter end anymore
✔ The ATO will have near real-time visibility via Single Touch Payroll data
✔ Penalties for missing super hit faster than before (and the charge isn't tax-deductible 😬)

This change ensures funds reach employees' accounts within 𝟳 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙙𝙖𝙮𝙨 after payday.

The good news? If your systems are sorted, this really isn't that hard. The key is getting ready before July — not scrambling after.

Not sure if your payroll setup is ready? Let's check it together before the deadline.

👉 Book a review - link in comment

🎉🍾🥂 Big news - I have a new name.After a lot of thoughts, I have officially rebranded to Tax By Lily.Same me. Same work...
16/06/2026

🎉🍾🥂 Big news - I have a new name.

After a lot of thoughts, I have officially rebranded to Tax By Lily.

Same me. Same work. Same commitment to helping small business owners actually understand their numbers and stop stressing about tax.

Just a name that says exactly what I do.

If you have been following along for a while - THANK YOU. You have been here through the building phase and I'm genuinely grateful for that.

This next chapter is going to be good. Stay tuned for what's coming.

Let’s talk superannuation. As a sole trader, I’m sure you’ve wondered, “Do I need to pay super?” 🤔 I’m going to break it...
30/06/2024

Let’s talk superannuation.

As a sole trader, I’m sure you’ve wondered, “Do I need to pay super?” 🤔

I’m going to break it down for you nice and easy. The short answer is no, you’re not required to. However, SHOULD you be contributing to your super??? My answer is… YES. ABSOLUTELY.

Saving for your future is important and that is why I suggest you get onto it now. Ultimately, YOU are responsible for funding your retirement, so if you skip on making payments now, it may cost you in the long run.

In my eyes, it is far better to gradually build up your super over time than to forfeit a large sum later down the track. Worst-case scenario: You might be left with nothing when you are ready to retire and have to rely on the pension, which might not be able to support your lifestyle.

Unfortunately, research shows that self-employed Australians, on average, have lower superannuation balances than wage and salary earners of every age. That’s crazy, huh, especially when super contributions are tax deductible.

Use this post as a reminder to start making regular payments for a better future for yourself, your business and your family - and don’t forget to track them as a deduction 😉

I get it, small business life is hard. You have a family, you’re a business owner, and you wear a thousand hats, so some...
07/06/2024

I get it, small business life is hard. You have a family, you’re a business owner, and you wear a thousand hats, so sometimes tax can get thrown into the too hard basket.

Here are five mistakes I see oh so often in the bookkeeping and tax world👇🏻

1️⃣ Mixing personal and business expenses: This can cause a massive headache come tax time and make it difficult to accurately calculate your business income and expenses throughout the year. Keep finances separate by maintaining separate bank accounts and credit cards for business expenses.

2️⃣ Not setting enough money aside for taxes: I know it's hard to dig into your income and put money aside for your taxes, but this is a really important one! There is nothing worse for me when I see how stressed my clients are when they are hit with a big tax bill they haven't planned for 😔

3️⃣ Setting your business up as a company "to look better" instead of a sole trader can be a costly mistake. The truth is if you aren't earning a certain amount each year and have set yourself up as a company, you are going to be paying a lot more in your taxes each year. Goodbye, tax-free threshold! 👋 It's crucial to talk to an expert and know your numbers before you make this important decision.

4️⃣ Not claiming all the deductions you are entitled to: you would think we all want to save money at tax time, right? WRONG, I have seen this one a lot over the years as a bookkeeper. Many business owners think that this $20 subscription, that $50 cafe meeting with a client and these new work clothes won't make a difference. The truth? every. single. thing. adds up, and you will be surprised by the significant difference all those "little" things will make on your tax bill.

5️⃣ Misclassifying employees as contractors: Did you know that even if you have hired someone as a contractor, they might be classed as an employee for tax and super purposes? This could mean you might be out of pocket, possibly thousands of dollars you didn't account for.

As always if this is all just too hard and one hat you don't want to wear, slide into my DMs and hand this job over to me! Call me crazy, but I love numbers 🤪

Why is tax planning important?Well, not only does tax planning keep you organised, minimise tax liability, optimise your...
30/05/2024

Why is tax planning important?

Well, not only does tax planning keep you organised, minimise tax liability, optimise your cash flow, and help you meet your legal obligations it also sets you up for long-term success, which, if you’re new around here, is something I am very passionate about helping my clients achieve!

If you are looking for tax advice, tax planning or tax return services, please get in touch. Spaces are limited for FY23/24 🙂

ICYMI, I’ve levelled up, and I’m officially a registered Tax Agent! 🎉 Spots are up for grabs for FY23/24, and I’m ready ...
26/05/2024

ICYMI, I’ve levelled up, and I’m officially a registered Tax Agent! 🎉

Spots are up for grabs for FY23/24, and I’m ready to dive into the tax fun with you! Here’s the lowdown on how Tax By Lily can help:

Tax Planning: Let’s strategize and plan ahead to make tax time a breeze!

Tax Advisory: Need some expert advice on tax matters? I’ve got you covered!

Tax Returns: Sit back, relax, and leave the numbers to me!

Spots are limited, so slide into my DMs pronto if you would like to work with me this upcoming tax season 😊

Save This Post! 📌 Tax season is sneaking up on us… seriously how is it May already?!” 🤯 time really flies when you’re ha...
23/05/2024

Save This Post! 📌

Tax season is sneaking up on us… seriously how is it May already?!” 🤯 time really flies when you’re having fun...or when you’re knee-deep in receipts! 😅 But don’t worry I’ve got your back with a quick Tax Planning Checklist for FY 23-24 to make tax season a little less stressful!

1️⃣ Prepay expenses: Get ahead of the game by prepaying expenses before the year ends. Hello, extra money in your pocket this year! 💸

2️⃣ Maximise super contributions: Pump up that superannuation and watch your retirement savings and deductions grow!

3️⃣ Understand your business structure: Don’t let tax time blindside you! Get to know your business structure and tax obligations inside and out. If you know me, you know I’m all about empowering business owners to truly know their numbers!

4️⃣ Explore tax-saving options: Did you know you might be eligible to defer your tax payments? Get in touch for personalised advice on this one!

5️⃣ Plan your tax cash flow: Get your ducks in a row for tax instalments and dreaded tax returns. Trust me, your future self will thank you!

6️⃣ Review your expenses: Keep those records in check and make sure you’re not missing out on any deductions. Every penny counts, and all those little expenses and subscriptions add up real quick!

7️⃣ Register for GST: If it looks like you’re going to surpass the 75k threshold, it might be time to join the GST club to ensure you are meeting all your obligations.

8️⃣ Asset check: Are your assets depreciating? This is a tricky one, so contact me to chat about it.

9️⃣ Stock take: If your business is product-based, it’s time to review your stock balances and reconcile to ensure your records are correct before EOFY!

As always, I’m here to help if you need more personalised advice for your business. But please book soon, spots are filling up fast for my 23/24 tax returns and planning services!

Is there anything specific you need help with? Comment below, and I’ll jump on my stories!

Are you a freelancer?... Let me pull you up right there!Did you know charging GST before you're registered is a common m...
12/05/2024

Are you a freelancer?... Let me pull you up right there!

Did you know charging GST before you're registered is a common mistake among many freelancers?

GST, for those asking, is a goods and services tax. Only businesses with an ABN and a turnover of $75K or more are legally required to pay GST (with a few exemptions)!

So, while I've got you, grab one of your most recent invoices and double-check that you are charging GST correctly according to your business.

Not sure what to do if you’ve made this mistake? Contact me today, and let me help you tackle the complexities of GST.

You may hear me talk about Xero a lot around here. That’s because for us small business owners it is an accounting softw...
28/04/2024

You may hear me talk about Xero a lot around here. That’s because for us small business owners it is an accounting software that connects us with numbers, banks and advisors. It’s magic, all wrapped up into one little program.

So in the spirit of getting ahead of the game, here are my tips on getting your Xero files ready for tax time. It’s never too early to prep for tax time, we all know it sneaks up on us…
👉🏻 Finalise sales invoices
👉🏻 Enter all your bills
👉🏻 Code bank transactions and reconcile all bank accounts
👉🏻 Review accounts receivable and payable reports
👉🏻 Review general ledger and profit and loss reports for the financial year
👉🏻 Review balance sheet on 30th June
👉🏻 Complete your single touch payroll finalisation
👉🏻 Finalise your GST reporting with the tax office
👉🏻 Lock your Xero file on the 30th June

Sounding a bit too overwhelming? Don’t have enough time to tick it all off? Handball this one over to me! I’ve got ya!

Address

Leichhardt, NSW
2040

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+61423168862

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