psi-classification
PSI Classification Skill
Determines whether income received by a personal services entity (PSE) is personal services income (PSI) under Division 84 ITAA 1997, and whether the entity qualifies as a personal services business (PSB) under Division 87.
When to Use
- Assessing whether contractor/consultant income is PSI
- Evaluating PSB status to determine deduction availability
- Checking if 80% rule applies (s 87-15)
- Running the four PSB tests for borderline cases
- Determining deduction restrictions under Division 86
PSI Determination (s 84-5)
Income is PSI if it is mainly a reward for the personal efforts or skills of an individual. Key indicators:
- Would the income still be earned if the individual was not involved?
- Is the income from a contract that is mainly for the individual's labour?
- Is equipment or tools a significant part of the arrangement?
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