Seeking professional advice from a registered tax professional to help you set up your business record keeping, contracts, invoices, accounting and reporting systems may help you meet your tax obligations when earning PSI.

This Taxation Ruling may also help you to clarify how the PSI rules apply to you or your business - Taxation Ruling TR 2022/3 Income tax: personal services income and personal services businesses.

If you’re still unsure about how the PSI rules apply to you or your business, you may need to seek professional advice from a registered tax professional. The ATO can also provide tailored technical assistance in some circumstances.

Remember, you can apply for a personal services business determination (PSBD) if:

• you’re unsure whether you have passed one of the PSB tests
• unusual circumstances prevented you from passing one of the PSB tests, or
• you met the unrelated clients test but unusual circumstances prevented you from meeting the 80% rule.

You’re responsible for the income you report and deductions you claim in your tax return, even if you use a registered tax professional to prepare it. Penalties may apply if you:

• don't report your income correctly, or
• claim deductions you’re not entitled to.