Friday 29 May 2020
Macro Financial Planning Pty Ltd 237986
Corporate Authorised Representative of
Sentry Financial Services Pty Ltd
ABN 30 113 531 034
AFS Licence 286786
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Australian Taxation Office (ATO) debts may affect your credit rating
Statistical picture of Australia - Update
Absentee Property Owner ā€“ Tax Whack - Victoria
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Articles
Personal Services Income Rules
Unpaid Directors' "Fee Schemes"
Sham contracting arrangements
Superannuation Miscalculations to be Costly
Securely transfer your files to our Office
Trust Streaming and Tax File Number (TFN) Notification
SMSF Management
Tax Time Checklist - Individuals
Company, Trust or Partnership Tax Return Checklist - 2011
Superannuation Fund Tax Return Checklist - 2011
Personal Services Income Rules

The Administrative Appeals Tribunal has confirmed that the personal services income (PSI) rules under the taxation law applied to a taxpayer who provided his services as a draftsperson through his private company.


The Tribunal also held the taxpayer did not meet either the “unrelated clients” test or the “business premises” test.

Accordingly, over $67,000 was included as personal income of the draftsperson (not the company) in the years in question. 

Many consultants and contractors operate as a sole trader or through a company, partnership or trust. In many cases, the income received for the work they do may be classified as PSI if certain tests are not passed.

As well as imposing marginal tax rates on the PSI earnings, the PSI rules limit the deductions that an individual may claim.

If we ask seemingly obscure questions about the number and type of clients, do not be surprised – we could be concerned about the PSI rules, or payroll tax, or workers compensation insurance.

 

 

 

 



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