With the end of the financial year upon us, this is a time to re-group and re-assess the financial situation, budget, and above all – plan for the year ahead. In uncertain times, it’s always good to have a plan, and for anyone living with disabilities, this is a great chance to get your NDIS funding in order.
Here are some top tips for the financial year ahead.
Get your Budget in order
Sometimes wrangling a budget for the new financial year can be tough, especially when for many, the past year has been a nightmare in terms of forward planning. But this shouldn’t stop you from going into the details and identifying problem areas that can be easily rectified going forward.
Finish off your tax obligations
Getting your tax obligations out the way early is always a good strategy. Leaving this task festering in the background is never a good idea as it will often delay your planning for the upcoming year and leave you vulnerable to late lodgement penalties. Remember that October 31st is your tax deadline, and getting it done sooner than later is advisable.
Keep your money safe
Whether you’re saving for a holiday or organising your finances for the new financial year, it’s a good idea to assess where and how your money is being held. These days it’s important to ensure your savings and assets are secure, easily accessible, and safe. Check that all your passwords are secure, and make sure the institutions you are using are reputable and easy for you.
How does tax affect your NDIS funding?
You might be wondering what happens with your tax return and your NDIS payments. There’s good news: all your NDIS payments are tax-free. Just be sure to take care of any other personal taxation and superannuation obligations. While GST (goods and services tax) is generally removed from services and goods that are part of your NDIS plan, it’s worth double-checking they meet the criteria.
Hiring supports as employees? Make sure you withhold tax
If you are hiring a support provider directly as an employee – you will need to have their taxation and potentially superannuation covered by withholding the required amount. If your support provider is a contractor, unless an arrangement exists, you won’t need to withhold any tax. If you’re unsure about whether you need to withhold tax from a provider, make sure to ask them or reach out to your NDIS plan manager for advice.
Plan ahead
Getting your finances in order before the year gets too old is always a good idea. Budgeting, NDIS reporting, and re-assessing how your NDIS funds are being used is a great place to start. Once you’ve looked closely at how your NDIS funding is being spent, it’s easier to see what’s working and what could be improved.
Do you require special assistance? Make sure you’re well prepared this financial year
If you need special assistance, especially with preparing your tax forms, now is the time to get that help. For carers too, making sure your client is well prepared and set not just for tax time – but also for the year ahead is important. If you require budgeting help, NDIS participants may want to enlist the help of a plan manager to assist with their monthly reporting and budgeting. This can take a lot of stress out of your taxation and regular NDIS financial reporting.
Having trouble with the financial reporting this year?
If you’re having trouble, or simply don’t have the time to do financial reporting, you may want to think about ways to lessen this burden. One easy way is with NDIS plan Management. With a qualified accountant at your side, the stresses of both monthly reporting and bigger picture budgeting are completely eliminated. The best part about this is it’s at no extra cost to you.
How can plan management help?
Getting a Plan Manager onboard to help with your NDIS budgeting and reporting and other day-to-day tasks can be a worthwhile step to take. Especially if your disability makes it difficult or impossible to take care of this side of your plan, enlisting the help of a qualified NDIS plan manager will take the stress and hassle away.
Bonus Tip: How to find the right NDIS plan manager to help with your financials
Ok, but what should you be looking for in a plan manager? Shopping around for the right one can be difficult, as many NDIS fund management agencies offer a host of useful and similar services such as taking care of reporting, budgeting, and payments for your supports. You want your NDIS plan manager to go above and beyond.
Here’s what to make sure of before signing up:
- Make sure they’re dedicated to you and easily contactable (no 1300 number).
- Make sure they’re local
- Make sure they’re flexible and open to your ideas and management structure
- Check that you’re dealing with a qualified accountant
- Understand fully how your NDIS plan works with their help
Get ahead with NDIS plan management
Have peace of mind knowing your finances are in order and your plan for the year ahead is solid. Reach out to your local plan manager NDIS Perth.
