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Information for contractors and consultants – PSI

Information for contractors and consultants – PSI

Information for contractors and consultants – PSI

How do the Personal Services Income Rules work?

If 80% or more of the PSI comes from one source, the results test must be passed.  Otherwise, the business is not a PSB and the PSI rules will apply.

If less than 80% of the PSI comes from one source, the business will be a PSB (and the PSI rules will not apply to that income) if the business can pass any one of the four tests.

To satisfy the results test,

  • at least 75% of the income must be for producing a result:
  • the entity or individual must supply the plant and equipment needed to perform the work to produce that result; and
  • the entity or individual must be liable for the cost of rectifying any defect in the work

This video explains special personal services income (PSI) rules and how to work out if these rules apply to you.

 

http://www.ato.gov.au/Business/Starting-and-running-your-small-business/In-detail/Services-for-small-business/Tax-basics-for-small-business-videos/?default=&page=11#Information_for_contractors_and_consultants___PSI

 

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