PSI is income that is mainly a reward for an individual's personal efforts or skills (or would mainly be such a reward if it was derived by the individual). A company may derive income which includes the PSI of one or more individuals.
Click this link for the Personal services income on the ATO website.
These PSI labels that appear on the face of the return replace the schedule BS completed in 2012 and earlier income years.
Label N - Does your income include an individual's personal services income?
If your answer to this question is No continue at the next item.
Label A - Total amount of PSI included at item 6 income labels
At each label A use the generic worksheet for dissection and record keeping purposes. By keying a meaningful description for each generic schedule that you create you will be better able to identify with certainty those that you might need to delete using Preparation > Delete Schedules.
Label B - Total amount of deductions against PSI included at item 6 expense labels
At each label B use the generic worksheet for dissection and record keeping purposes. By keying a meaningful description for each generic schedule that you create you will be better able to identify with certainty those that you might need to delete using Preparation > Delete Schedules.
Adjustments relating to non-deductible expenses and attributed PSI are included at:
Label C - Do you satisfy the results test in respect of any individual?
Label D - Do you hold a personal services business (PSB) determination(s) in respect of any individual?
Labels E1, E2 and E3
For any individual for whom you did not satisfy the results test or hold a PSB determination, and each source of their PSI income yielded less than 80% of their total PSI, indicate if you satisfied any of the following personal services business tests for unrelated clients, employment or business premises.
Refer to the current year ATO Company instructions (worksheet 2).
CCH References
30-600 Summary of PSI regime
