In 2021, over 450,000 people received funding from the NDIS. The increase in participants has created many opportunities for new and existing businesses to expand into the disability industry. 1 Find out more about the NDIS and if it’s the right fit for your business.
What is NDIS?
NDIS stands for the National Disability Insurance Scheme and is run by the National Disability Insurance Agency (NDIA). The NDIS was created for eligible Australians that were either born with or have developed a permanent and significant disability. 2
The NDIS funds reasonable and necessary support and services to people whose disability is likely to be lifelong and impacts their ability to complete day to day tasks. 2
About NDIS providers
NDIS providers are one of the main contact points for NDIS members. Their purpose is to deliver support and services to the NDIS participant. 3 Being an NDIS provider is a very rewarding career as you can use your business services to support people in need and by working with your accountant, you can minimise tax.
Suppliers can be either registered with the NDIS commission or unregistered. Find out more about the difference between registered and unregistered providers here.
What are the eligibility requirements for NDIS providers?
To be an eligible NDIS provider, you must provide a service or type of support that allows people with disabilities to have access to the same things as other people. Some forms of support include:
- Home modifications
- Assistance with daily life
- Increased social and community involvement
- Career support
For a full list of the type of services that the NDIS funds, head to the NDIS website.
NDIS compliance requirements
If you want to be in a position of growth and to stay on top of all your ATO obligations, it’s important that you speak with a financial advisor. Accountants can look at your business model and restructure your company in a way that aligns with your financial goals. Tax agents can also help minimise tax and confirm your assets are protected.
On top of meeting the NDIS compliance requirements, your tax accountant can make sure your business complies with government regulations and the ATO and ASIC requirements such as BAS lodgment, income tax returns and payroll.
Most of the time, NDIS suppliers get into business with a goal to help others but don’t consider things from a financial perspective. It’s easy to become overwhelmed with all the reporting and compliance requirements, and you’ll find that as an NDIS provider, you’re spending hours and hours completing basic tasks.
Cloud-based bookkeepers can improve your efficiency by implementing online systems. These systems can also help manage your NDIS processes such as legal requirements, budgeting, cash flow forecasting and NDIA billing and claims.
Our team of accountants, bookkeepers and financial people can help you with your tax and legal requirements as NDIS providers, general bookkeeping and help you access funding and apply for government grants.
At Carbon, our team are passionate about helping you achieve your business goals through the implementation of processes and systems that make your life easier. Whether you’re looking to lodge your NDIS provider application or are a current NDIS supplier looking for support and more clients, we can help. Get in touch with us today.