Wednesday 21 Nov 2018
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Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
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Appetite for property in SMSFs shows signs of life despite tough market
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Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
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Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
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Articles
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Securely transfer your files to our Office
Trust Streaming and Tax File Number (TFN) Notification
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Tax Time Checklist - Individuals
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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.

 

 

 

 



16th-September-2011