Public Practice
Business Services
Financial Accounting
Expert Accounting & Taxation Services
Years of Experience
Newage Accounting Pty Ltd is a professional accounting service provider located in Toorak Melbourne. Tax agent services are provided personally by Xiaoli (Lily) Wang, a CPA (Certified Practising Accountant) and registered tax agent (Tax Practitioners Board registration 24623806). We are highly resourceful and knowledgeable in dealing with financial situations of the local businesses, with the support from our dedicated team in a good education background of professional accounting.
Xiaoli (Lily) Wang is a CPA (Certified Practising Accountant), a registered tax agent and a business owner with 20 years’ expertise in accounting, tax and business advisory services. Lily is a trusted advisor whose clients include high net worth individuals, property developers, business immigrants, small to medium sized businesses and private individuals. Lily has worked with clients whose businesses cross a variety of industries, including international trade, retail, hospitality and wholesale services. Lily prides herself on providing excellent service to her clients and treats their business as if it were her own.
Latest News
Common situations
Tax returns and personal tax
- Individual tax return checklist: income records, deduction evidence, pre-fill timing and due dates
- Work-related deductions: what employees can and cannot claim
- Claiming donations: deductible gift recipients, receipts and what does not count
- Two jobs: where to claim the tax-free threshold and how to avoid a tax bill
- Medicare levy surcharge without private hospital cover: who pays and how much
- How HELP and study loan repayments work in 2026–27
- Redundancy pay and tax: the tax-free amount, ETP caps and unused leave
- Paid Parental Leave and tax: withholding, super and your return
- Employee share schemes and tax: taxed-upfront, deferred taxing points and selling the shares
- Tax on income earned by children under 18: rates, exceptions and tax returns
- Correcting a mistake in a tax return you have already lodged
- Tax refund late or smaller than expected: how to check and what to do
- Help with overdue and late tax returns
- Missed the 31 October tax return date? What to do next
- Individual income tax rates for 2026–27: what changed on 1 July 2026
- Giving your tax agent access: agent nomination for businesses, and what individuals do
- ATO review, audit or tax debt: what to do first
Property and investments
- Tax returns for rental and investment property owners
- Interest on an investment property loan: when you can claim it and when you cannot
- Capital gains tax when you sell a property
- Moving out and renting your home: the 6-year rule and capital gains tax
- Victorian land tax on a Melbourne investment property
- Renting out a room or your home on Airbnb: income tax, GST, CGT and the Victorian levy
- Transferring a property to your child, spouse or another relative: CGT at market value and Victorian duty
- Separation or divorce: the CGT rollover, super splitting, Victorian duty and the Medicare levy surcharge
- Subdividing land or building to sell: income, capital gain and GST
- GST on new residential property: taxable sales, the margin scheme and withholding at settlement
- First Home Super Saver scheme: limits, release steps and tax
- First home in Victoria: stamp duty exemption, concession and the $10,000 grant
- Tax returns for crypto, shares and ETF investors
- How dividends and franking credits are taxed in your return
- Tax advice for deceased estates and succession
Super and retirement
- Claiming a tax deduction for personal super contributions in 2026–27
- Government super top-ups on a low income: co-contribution, LISTO and the spouse offset
- Downsizer contributions: putting up to $300,000 from your home sale into super
- Withdrawing super early: compassionate grounds, hardship, terminal illness and the tax
- Finding lost or unclaimed super and combining your super accounts
- Moving overseas super or a foreign pension into an Australian fund: tax, the 6-month window and the caps
- Retirees and age pensioners: when you must lodge a tax return, and how SAPTO works
- Tax returns for family trusts and self-managed super funds
Moving to, from or between countries
- Australian tax residency: how it is decided and why it changes your tax
- Declaring overseas income in your Australian tax return
- Money from family overseas: gifts, inheritances, loans and tax
- Tax planning for new migrants and returning Australians
- Tax returns for international students and working holiday makers
- Medicare levy on a temporary visa: claiming the exemption with a Medicare Entitlement Statement
- Moving overseas: what changes for your tax when you stop being a resident
- Leaving Australia for good: claiming your super and lodging your last tax return
- Australian tax for overseas investors and companies
Running a business
- Starting a small business: structure, registrations and your first BAS
- Tax, GST and BAS for sole traders, rideshare and delivery drivers
- Hobby, side income or business: how the ATO tells them apart and what changes
- Contractor or employee? How it is decided, and why an ABN does not settle it
- Personal services income (PSI): contracting through your own company or trust
- Choosing or changing your business structure
- Sole trader to company: transferring assets, the restructure rollover and the first company returns
- Partnership tax returns: how partners are taxed, losses, partner salaries and due dates
- BAS preparation: records, reconciliation and a clear handover
- GST and overseas clients: when services, digital products and exported goods are GST-free
- PAYG instalments: who pays, how much and when they are due
- Instant asset write-off: the $20,000 limit, who can use it and the small business pool
- Buying a car through your business: sole trader or company, car limit, GST and FBT
- Taxable payments annual report (TPAR): who must lodge, what to report and the 28 August deadline
- Accounting software setup and bookkeeping systems
- Management accounts and outsourced CFO work for small businesses
- Tax planning before 30 June and through the year
- Tax advice when you buy or sell a business
- Closing a business or company: final lodgments, cancelling registrations and deregistration
Companies and employers
- Company tax returns, paying yourself and director loans
- Paying yourself from your company: salary, dividends and Division 7A loans
- A company year at a glance: ASIC annual review, solvency resolution, director IDs and tax return dates
- Received a director penalty notice? What it covers and your 21-day options
- Hiring your first employee in Victoria: the registrations, forms and records you need
- Victorian payroll tax: when you must register and what counts as wages
- Payday Super: what changed for employers on 1 July 2026
- Fringe benefits tax for small businesses: staff entertainment, gifts and parking
- Electric cars, novated leases and the FBT exemption
Latest guides
- Paying yourself from your company: salary, dividends and Division 7A loansHow a director takes money out of their company in 2026–27: wages or directors' fees with PAYG, STP and super, franked dividends, and Division 7A loans.
- Buying a car through your business: sole trader or company, car limit, GST and FBTHow a sole trader or company claims a car bought through the business in 2026–27: the $69,883 car limit, the GST credit cap, logbooks and when FBT applies.
- GST and overseas clients: when services, digital products and exported goods are GST-freeWhen sales to overseas clients are GST-free: ATO conditions for services, digital products and exported goods, the $75,000 threshold, invoices and BAS.
Earlier articles
Fines of $1100 for not filing tax return
People with tax returns still outstanding from earlier years were urged to catch up. At the time, the ATO failure...
Bizarre things you can claim on tax
A spokesperson for tax firm H&R Block walked through some unusual deduction claims, starting from the general rule that costs...
How much you’ll get from tax return
Research by Finder suggested that about 80 per cent of people lodging a return would get a refund, averaging around...
Registered tax agent 24623806Xiaoli (Lily) Wang
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Contact Info
Office
Level 1, 459 Toorak Road, Toorak 3142 VIC
Telephone
p: (03) 9296 2088
m: 0425 966 880
Mail Us
Opening Hours
Mon-Fri: 09:00-17:30
Sat-Sun: Closed