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!!

04/09/2026

👀Big news for anyone with family trust

The government has released the draft law for a new 30% minimum tax on discretionary trusts. In plain English: trust may soon get taxed at 30% minimum, no matter who the money is distributed to - unless you lock in fixed beneficiaries ahead of time.

It’s not law yet (still open for feedback until 18th of September), and if it passes, it won’t kick in until 1 July 2028. But that’s less time than it sounds like when trust structures are involved.

Got a trust? Comment “TRUST” or send me a DM and let’s figure out what this means to you 👇

💸 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.

Address

Leichhardt, NSW
2040

Opening Hours

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

Telephone

+61423168862

Alerts

Be the first to know and let us send you an email when Tax By Lily posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share