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NDIS Service Providers

What Is NDIS?

National Disability Insurance Scheme or NDIS is established by National Disability Insurance Agency or NDIA. The purpose of NDIS is to facilitate the thousands of Australian who have permanent, life-changing disabilities either by birth or those that have developed over time.

The NDIS provides funds, support and care for these eligible individuals whose disabilities affect their daily lives.

Who Are NDIS Service Providers?

While the individuals who receive the care and support through NDIS are the participants, the individuals, and business owners, who offer this support are providers and registered under NDIS registration. NDIS providers make significant contributions to the community by becoming involved.

Since NDIS scheme providers target a niche, they can work with professional accountants to reduce their taxes and improve their growth.

Why Do NDIS Providers Need The Help of Professional Accountants?

While NDIS providers contribute so much to the community, they often overlook the financial aspects of their services and make common mistakes.

As an NDIS provider, you offer care services in the community by yourself and your sub-contractors. Along with your main services, you also have to manage your team and have progress reporting obligations.

In addition to this, you have time constraints, and you do what you think in terms of the accounting or taxation side without any professional guidance. Because of this, some common issues are as follows:

  • Bookkeeping is not up to date. Neglecting to keep your financial records up to date can result in confusion, errors, and inefficiencies in managing your finances.
  • Taking too much time to review and issue invoices. NDIS providers must send invoices to clients and funding agencies promptly to ensure timely payments. However, without proper systems in place, this process can be cumbersome and prone to errors.
  • Accurate GST reporting is crucial for NDIS providers, as it ensures compliance with tax regulations and avoids penalties. However, understanding the complexities of GST reporting can be challenging. 
  • Differentiating between employees and sub-contractors is another common challenge for NDIS providers, particularly regarding superannuation and WorkCover obligations. Failing to classify workers correctly can lead to non-compliance and potential legal issues.
  • Realise that their processes can be improved but may struggle to determine where to start.
  • Discover that errors have occurred in the payment of superannuation to sub-contractors but lack the knowledge to rectify them.

Due to all these factors, it is imperative for NDIS providers to consult with professional accountancy services.

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Why Choose the Experts at IJ&EA?

The experts and registered tax agents at IJ&EA hold specialisation not only in accountancy but in accountancy, advisory, tax advice and taxation services for NDIS providers. Our NDIS accountants and tax accountants have rich industry experience, which allows them to help you deal with your ATO obligations effectively.

We take the time to know your existing business structure and arrangements and assist you in the following ways:

Review your accounting or bookkeeping processes

Our experts take the time to thoroughly review your existing accounting or bookkeeping processes. By identifying areas of improvement, we can streamline your financial management systems, making them more efficient and accurate. This helps you maintain up-to-date records and ensures financial transparency.

Determine Superannuation and Workcover Requirements for Sub-contractors

We assist you in determining whether superannuation or Workcover obligations apply to your sub-contractors. By analysing the nature of their engagement, we help you classify them correctly, avoiding compliance issues and legal complications.

Identify and Rectify Potential Errors

Our meticulous approach allows us to identify any potential errors or discrepancies in your financial records. By conducting thorough reviews, we ensure that your financial data is accurate and reliable, minimising the risk of compliance issues and financial losses.

Assist in Compliance Issue Resolution and Amendments

If any compliance issues arise, we provide prompt assistance in rectifying them. Our experts guide you through the necessary amendments and help you navigate the compliance process, ensuring that you meet all regulatory requirements, including lodging your tax returns. We also provide you potential income tax deductions checklist so you don’t miss out on eligible deductions.

Provide Streamlining Suggestions

To optimise your operations, we offer valuable suggestions to streamline your financial processes and save you time and money. By leveraging our accounting specialists, we help you identify inefficiencies, implement automation where possible, and establish effective workflows that save you time and resources. Accounting software can be an option to implement as well.

Develop Future Engagement Plans

We talk and work closely with you to create a proper plan for your future engagements, including tax planning. By understanding your business structure and arrangements, we assist in devising strategies that align with your goals and ensure sustainable growth. 

As NDIS providers, our clients wish to focus on their work and make significant contributions to society and spread positivity. Through our taxation and accountancy services, we provide them with logistical support, dealing with all the financial and Australian tax obligations so that they can focus on their work.

We also work diligently to help optimise tax positions for NDIS businesses, allowing this rewarding field to become financially fruitful for our clients as well.

Disclaimer: The information contained above is for guidance only. It should not be relied upon without obtaining professional advice regarding your circumstances. No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially open or as a result of the above material can be accepted by the author of any company referred to herein.
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