Your Common NDIS Accounting Questions Answered

When it comes to NDIS accounting, having the right support can make all the difference. At Schofields Accountants, we specialise in comprehensive NDIS accounting services, helping you navigate the complexities of this unique sector. 

In this article, we address some commonly asked questions to help you better understand the essentials of NDIS accounting and business setups.

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Question 1: Do NDIS Providers Need to Pay GST?

One of the frequent questions we encounter is whether NDIS providers need to pay GST. If you supply disability supports and are registered for GST, your services to an NDIS participant may be GST-free. However, there are several factors that can affect this status. 

At Schofields Accountants, we ensure you have the correct setup and are complying with GST requirements. Our expertise helps you navigate these regulations so you can focus on delivering quality services.

Question 2: How Much Can I Charge My NDIS Client?

Setting the right price for your NDIS services is crucial for your business’s sustainability. Providers can decide their prices based on the cost of delivering supports or services, but it’s important to note that the NDIA does set a price limit. 

You have the flexibility to negotiate with your clients, but you cannot charge more than the price limit that is set. At Schofields Accountants, we guide you in pricing your services competitively while ensuring compliance with all regulations.

Question 3: Do I Need an ABN to Be an NDIS Provider?

Yes, you need an ABN to operate as an NDIS provider unless you qualify for an exemption. An ABN is essential for identifying your business in transactions and communications with the Australian Taxation Office. Schofields Accountants can assist you in obtaining an ABN and setting up your business structure, ensuring you meet all necessary legal requirements.

Question 4: Can a Sole Trader Be an NDIS Provider?

Absolutely, a sole trader can be an NDIS provider. Many small businesses and individual practitioners operate successfully within the NDIS framework. Schofields Accountants can help you establish the right structure for your NDIS business, ensuring you are well-positioned for growth and compliance with all relevant regulations.

Question 5: How Do You Start Your Own NDIS Business?

Starting an NDIS business involves several critical steps:

  1. Develop a Business Plan: Outline your services, target market, and business objectives.
  2. Obtain an ABN: Register your business and get an ABN.
  3. Register with the NDIS: There are a number of steps involved here. You need to ensure your business meets the NDIS registration requirements. You’ll need to provide information about your business and the supports you are providing. You’ll also need to complete a self-assessment against the NDIS Practice Standards and undergo an audit to make sure your business meets these standards. 
  4. Set Up Accounting and Bookkeeping Systems, Compliance, and Legalities: Once you’ve been approved, it’s important to Implement robust systems for managing your finances and compliance. Schofields Accountants can guide you through this process.

At Schofields Accountants, we provide comprehensive support throughout this business start up process. From business planning and ABN registration to setting up accounting and bookkeeping systems, we are here to help you every step of the way.

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Question 6: Is Being an NDIS Provider Profitable?

Like any business, being an NDIS provider can be profitable with hard work and dedication. The demand for NDIS services is high and expected to grow, offering substantial opportunities for providers. 

To ensure profitability, it’s crucial to develop a solid business plan, establish effective structures, and maintain rigorous financial management. Schofields Accountants helps you lay the groundwork for a successful and profitable NDIS business and can help you plan into the future to ensure your business success.

At Schofields Accountants, we offer a variety of crucial services tailored to NDIS providers:

  • NDIS Accounting Services: Comprehensive accounting solutions to manage your finances efficiently.
  • NDIS Tax Accountant: Expert advice on tax planning and compliance to optimise your tax position.
  • NDIS Bookkeeping: Accurate and reliable bookkeeping services to keep your financial records in order.

Plan For Success With Schofields Accountants

Planning ahead is key to the success of any business, especially in the NDIS sector. Whether you are a new provider setting up your business or an established provider looking to optimise your operations, Schofields Accountants is here to help.

Contact us today to learn more about how we can support your NDIS accounting needs.

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