End of financial year is a busy time for providers and good records make it a lot easier.
The Leap in! Crew has put together some answers to common questions we hear at this time of year, along with a few practical reminders to help you wrap up the financial year with confidence.
Will Leap in! provide me with a group certificate or PAYG payment summary?
This one comes up a lot, so it’s worth clarifying. Leap in! is a financial intermediary. We process and pay invoices on behalf of NDIS participants, but we’re not your employer.
That means we’re not able to issue group certificates or PAYG summaries. If you’re a sole trader or running your own business, your tax reporting will be based on the invoices you’ve submitted and the payments you’ve received.
How do I find remittance advice for past payments?
We send remittance advice by email with each payment, so your inbox is usually the quickest place to start. If you need to track down a specific payment, here are three ways to check:
- Look for the remittance email in your inbox (or your spam folder, just in case)
- Check the bank account linked to your invoices
- Log in to Saltu to view your full invoice and payment history.
EOFY links and resources.
Manage your invoicing and EOFY with Saltu.
EOFY is a great time to review your invoicing processes and payment records.Saltu is a free platform for Leap in! providers that helps you create, send and track NDIS invoices in one place.
Having your invoices and payment history together can make EOFY reconciliation simpler and reduce time spent searching through emails or spreadsheets.
What are your tax obligations?
Your obligations can vary depending on your business structure, whether you’re a sole trader, partnership, company or trust.
The ATO has information about business structures, including key registration and reporting requirements. It’s a useful resource to review if your business setup has recently changed, or if you’re new to running your own business.
What counts as assessable income?
Not sure what to include when calculating your business income?
The ATO has useful information about what may need to be included in your business’s assessable income, from everyday sales and cash payments to government grants and capital gains.
Are you missing out on small business concessions?
Small businesses may be eligible for a range of tax concessions that can reduce what you owe. Check the ATO’s overview of concessions for small business entities to see what applies to you before you lodge.
ATO tax time toolkit for small businesses.
The ATO’s small business tax time toolkit brings together everything you need in one place:
- Lodgement dates
- Record-keeping tips
- Common mistakes to avoid.
It’s a useful resource to bookmark for the weeks ahead.
EOFY tips for independent support workers.
If you are an independent support worker, EOFY is a good opportunity to review your records, business activity and compliance requirements for the year ahead.
Mable recently shared practical EOFY tips for independent support workers, including reminders about tax preparation, compliance checks, upskilling and reviewing business records before lodging tax returns.
Have more questions?
For more information and resources, contact the ATO via their website or call 13 28 66.
