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At POP Business, we embrace technology and ensure we are at the forefront of automation and enhanced processes. Our accounting services and business advice deliver real results and significantly improve our clients businesses. Join POP Business for Chartered Accounting services at affordable prices.

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POP Business are your small business tax accountants. We provide virtual accounting for your small business. When you started your business did you think you would be spending so much time on your bookkeeping, payroll and accounting? We’ve helped thousands of businesses just like yours. We’ve got you covered.

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The Benefits of Working With an Accountant

Are you considering working with an accountant for your small business? Keep reading to find out the benefits of working with one and how they can help you!

Not having to worry about tax obligations

Taking care of your tax can be a tedious and complex task, especially if you are not sure of what taxes your business needs to pay, and which repayments you can claim. Working with an accountant solves all these problems as an accountant will be well-versed in advising business owners how to meet their tax obligations, and can even lodge reports such as business activity statements on their behalf. 

Having all your business’ financial transactions recorded

Bookkeeping is an essential task to perform as a business, and an accountant can do it simply for you. Accountants have access to softwares such as XERO and MYOB which make bookkeeping much easier and accessible (compared to bookkeeping manually yourself).

Receiving financial advice

Some accountants can even help your business by providing you with financial advice based on the data you have collected. This will help you plan your business’ development, as well as with profit margin and expense predictions.

As such, accountants may be of great help to you due to the many benefits that provide to your business. 

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Everything You Need to Know About Business Activity Statements

If you are an Australian business registered for Goods and Services Tax (GST), you will need to lodge a Business Activity Statement (BAS) some time during the year.

A BAS is a report submitted to the Australian Tax Office (ATO) so that both you and the government can keep track of your:

GST payments

Pay As You Go (PAYG) instalments

PAYG withholding tax

Other additional taxes your business is subject to.

The ATO will notify you when you need to lodge your BAS when your business is registered with an Australian Business Number (ABN) and also for GST.

How can you lodge your BAS?

You can lodge your BAS with the ATO in a number of ways. It is important that you lodge your BAS on time, even if you cannot make payments immediately, otherwise penalties may apply. When lodging your BAS with the ATO, you can:

Lodge online or electronically with myGov online services (if you are an individual or a sole trader), the ATO website, or with SBR-enabled software

Lodge through a tax agent or a BAS agent. A registered tax agent can lodge and pay on your BAS on behalf of your business

Lodge by mail, by filling out a BAS form as provided by the ATO and posting it directly to the Australian Taxation Office.

What are the due dates for lodging BAS?

Your BAS lodgement dates and reporting cycles can either be:

Quarterly (if your GST turnover is less than $20 million)

Monthly (if your GST turnover is $20 million or more)

Annually (if your business is voluntarily registered for GST and your GST turnover is less than $75,000)

The ATO or your tax agent will inform you of when you need to lodge your BAS once your business is registered.

Lodging your BAS can be a time-consuming process, especially if you need to be lodging monthly or quarterly. Working with a BAS agent or tax accountant may help with lighting your load on this matter.

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What a medical accountant can do so you don’t have to

It’s totally ok if you don’t have the time to learn about medical accounting or accounting methods for medical practices.  Whether you’re a dentist, general practitioner, optometrist, physiotherapist, surgeon or some other medical specialist, getting support from a medical accountant is a great way to free up your time while having peace of mind that your financial health is taken care of.

With different ways of supporting you at every stage of your career, a medical accountant’s job description goes beyond preparing tax returns. Here’s how the help of a medical accounting expert can up your game.

Start-up advice

Many healthcare professionals double up as ambitious entrepreneurs and dream of having their own practice. Whether you’re starting up a practice or buying into an existing business, you can get help from your accountant:

Choosing your business structure. Operating as a sole trader, partnership, company or trust have different consequences in terms of tax, asset protection and risk. The right structure depends on your circumstances and preferences in each of these areas.

Consider funding alternatives. You’ll need to know your financing options and prepare a realistic business plan and cash flow forecast. Both are vital to getting loan approval or attracting investors.

Registering your business. You’re required to apply for a business name as well as a TFN and ABN. You’ll likely need to register for GST too.

Being spot on with people matters. Hiring staff brings about employer obligations. Rather than spending your time researching the latest rules, your accountant can help you stay informed with payroll, superannuation guarantee and WorkCover developments.

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Uber driver tax return, How to lodge and deductions

If you’re about to embark on a ride-sourcing side hustle, or have already started one, then you might be wondering how you can keep your Uber driver tax return right without getting on the wrong side of the ATO.

Uber makes it clear that its drivers are not employees or contractors. Instead, the company calls each driver a “driver-partner” – someone who independently provides transportation services through their own business.

And if you’re operating a separate business, then getting your taxes right is YOUR responsibility.

But we know that dealing with the ATO and complying with tax obligations can be stressful for many drivers. To help, we’ll explain key Uber driver Australia tax rules in this article, so you can get to grips with ATO requirements and find out about opportunities to lower your taxes.

How to file tax return for Uber drivers

New drivers often ask whether they need to pay tax on their ride-sourcing income.

The short answer is yes – income you earn from driving for Uber is assessable.

In terms of how to lodge Uber driver tax return, you’ll need to complete the tax return for individuals, as well as the supplementary section and the business and professional items schedule.

A tax return for individuals is designed to capture your financial activities from all sources, so this is where you can report both your Uber driving income and costs for the financial year in question.

You’ll then pay tax on your total net income at your personal tax rate.

Before we go further, it’s important to point out that you’ll need to set aside some of your Uber income as tax to be remitted to the ATO. Not saving for your tax bill could lead to serious cash flow problems when tax time comes!

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We’ll also fill you in on how our range of accounting services can help your small business achieve its goals.

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How to Become a Successful Sole Trader

Running a business is no easy task, especially if you are working alone as a sole trader. To help you keep your head on straight during these confusing times, here are a few tips on becoming a successful sole trader!

Separate your personal and business life

It may be easy to accidentally mix your personal and business life together if you are working as a sole trader. However, to prevent mental and physical burn out, as well as confusion during tax time, it may be a health decision to separate the two aspects of your life completely.

You can do this by allocating business work hours during your week, as well as creating two separate budgets. Understand how much money you need to keep your business and your own personal life afloat, and plan accordingly. Never dip into your business budget for your personal matters or vise versa, as this can financially ruin both aspects of your life in the long run.

Make connections

While working independently is certainly a positive for many, it can also cause difficulty in outreach. Thus, it is important to network and connect with as many people in your industry as possible, as who knows, they may be able to help you, or they may ask you for business in the future.

You can make connections by regularly attending networking events (both online and offline) and socialising through platforms such as LinkedIn and Facebook. It may be worthwhile to meet individuals who are involved in your industry and find a mentor to help you learn the ropes of sole trading.

Do whatever it takes to keep organised

There are a number of ways you can ensure you keep your business organised as a sole trader. For the budgeting and financial matters, it may be beneficial to invest in an accountant or a financial advisor specialising in helping sole traders, to help you stay on track with your budgeting.

For file management like invoices, it may also be good to invest in invoicing software, where invoices are automatically sent as well as recorded for future tax purposes. Automated accounting software such as these will make bookkeeping a lot easier for you, especially if you are unfamiliar with it.

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Get assistance in lodging your Trust Tax Return quick and easy online. Our team is ready to help you prepare, lodge and get up to date with all your tax obligations.

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Taking your accounting and bookkeeping services online has never been more efficient or professional than with POP Business.

Offload all the soul-sapping paperwork to our expert team of accountants, and we’ll get your business’s books 100% ship-shape.

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Get assistance in lodging your Partnership Tax Return quick and easy online.

Our team is ready to help you prepare, lodge and get up to date with all your partnership tax obligations.

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Cloud Accounting and its Benefits

Want to streamline your business operations and transition into online cloud-based systems? Getting tired of manually managing your business financial accounts and want to just automate it all? Consider simplifying for your business’ accounting system with cloud accounting! 

Cloud accounting is an increasingly popular alternative to in-house accounting services and executes all your business’ accounting needs through automated software. Keep reading to learn more about the benefits of cloud accounting!

Increased mobile access

Most cloud accounting software services come with applications that you can download onto your mobile devices - from phones to tablets to desktop computers. This means that you can access your business accounts whenever and wherever you please as long as you have a secure and safe internet connection. Being able to consistently check the status of your business is integral to running a successful business and cloud accounting allows you to do just that!

More control of your own finances

Instead of outsourced accounting services, whereby your finances are managed externally of your business, take control of your own finances and implement cloud accounting services. Today’s cloud accounting softwares are often incredibly easy to navigate through and are also very accessible. Rather than leaving everything up to an accountant who you’re not familiar with, have everything involving your business’ finance accounts automated but also controlled by you instead with cloud accounting.

Improved collaborative capabilities

Cloud accounting software allows you to share your business’ records with your team at the click of a button. Instead of CCing your employees every time you need to share an important business finance file, simply drag and drop your files into cloud accounting software and have your employees access it themselves. Task assignment and instant messaging features that come with some cloud accounting software may also help with streamlining communication processes within your employee teams.

Looking to learn more about cloud accounting and its benefits? At POP Business, our experienced virtual accountants can help you with your business concerns with our online accounting services!